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ELLIPS
is a real time gross settlement system. This means that the payments
are settled one by one in the settlement accounts held by the
participants in with the Bank. If sufficient funds are available in
the account of the sending ELLIPS participant, the individual
transactions are booked instantly, thus becoming final immediately.
As a result of this, Ellips restricts the risks involved in the
execution of the payments. This conclusion is not without importance
for the sort of payments which Ellips executes :
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Interbank
money market and exchange operations
-
Customer
transfers linked with intraday finality
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Urgent
transfers of funds between banks
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Payments
within the framework of the settlement of clearing systems :
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The
"EURO1" payments by EBA (Euro Banking
Association). EBA's "EURO1" system is a net
settlement system for large payments. Three Belgian banks
act as clearing bank in this system : Fortis, KBC and ING.
The settlement of the net balances of these banks through
TARGET is compulsory.
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The
CLS payments (Continuous Linked Settlement). The CLS system
is a multi-foreign currency settlement system in which both
parts of an exchange operation are settled simultaneously so
as to restrict the system risk involved in this type of
operation to a minimum. Two Belgian banks act as "CLS
Settlement members". These banks execute their
CLS-payments in euro via ELLIPS. These payments
are considered as extremely urgent because the
noncompliance with the schedule enforced by CLS may lead to
a retardation in the processing of the CLS payments by the
CLS bank, which can result in the delay of the closure of
the RTGS system in other monetary zones or in the
nondelivery of the values on
the intended day.
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