Malta Real-time Inter-bank
Settlement System (MaRIS)
MaRIS, which uses
the latest computer technology, ensures that any valid payment
input into the system is processed automatically without the
need for manual intervention, thus ensuring an efficient and
risk free
environment for the settlement of all payments in Malta. MaRIS
provides for the immediate and final settlement of payments,
provided there are sufficient funds or through the use of collateralized
intra-day liquidity available to participants. There is no set
minimum amount for a payment made through MaRIS.
MaRIS operates
on a daily basis between 8.00 and 14.30 hours, and ensures that
payments which are processed individually
through the system, are delivered and settled in real-time
in a manner that enables payment to the ultimate beneficiary
to be made on the same day. The system is largely compliant
with the BIS core principles for payment systems, is owned
and operated by the Central Bank of Malta, while a committee
from the participating members, consisting of representatives
of the Central Bank and the other member banks, manages the
system.
The system falls within the scope of the
Central
Bank of Malta Directive No 2 which ensures that any
payment passing
through
MaRIS is, at the point of settlement, irrevocable and final
- even in the event of the failure or bankruptcy of a participant.
Furthermore, the Central Bank of Malta has designated MaRIS
as a systemically important payment system. The Operating
Rules govern the smooth running of the system.
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