Introduction
The origins of our experience with bulk clearing and settlement
operations is traced to the work of one of our principles with
the New Zealand Clearing House,
Databank Systems. The company (wholly owned by New Zealand’s
clearing banks) implemented a national ‘same-day’
settlement system in the late 1970s. After the initial stages
of development, the system was later extended from its basic
cheque clearing processing to provide settlement for a national
Eft-POs network during 1985.
Following a period working with the Swiss
‘SICs’ facility, the company provided consultancy
support to the Unisys Corporation
in the development of its’ clearing house architecture
in 1986. The Unisys Clearing House Architecture (UCHA) was
a major initiative for the multinational corporation and was
based on the concepts and specifications that we developed.
UCHA provided a framework for implementations of modern clearing
systems and incorporated the appropriate principles for netting
systems defined in the ‘Report of the Committee on Interbank
Netting Schemes of the Central Banks of the Group of Ten.’
(usually referred to as the ‘Lamfalussey Report’).
Implementation of the Unisys Payment Systems provided national
clearing facilities for the Czech Republic,
Poland and Slovakia as
well as Central Bank of the Russian
Federation in St. Petersburg. |
