Regulatory Alerts2012-07-17 | BPS/DIR/GEN/CIR/01/011Revised Nigeria Bankers' Clearing House Rules
The Nigeria Automated Clearing System (NACS) rules outline the responsibilities and procedures for members in terms of file transfers, authentication, data communication management, and clearing processes. These rules apply to both Direct Participating Banks (DPBs) and Indirect Participating Banks (IPBs). Key highlights include: - All banks must adhere to the NACS standards for generating public/private key pairs and obtaining public key certificates. - Members are responsible for the creation, authentication, and sending of files following the security policy of Nigeria Automated Clearing System. - Items presented for clearing should have an Item Sequence Number (ISN) assigned to them, ensuring traceability. - Banking items are presented in accordance with bilateral agency agreements between DPBs and IPBs. - Members must deliver their outward exchange financial/data files to the Zonal Clearing House (ZCH) within specified time limits. - PBCCs are responsible for ensuring that items received are correct and securely delivered to Indirect Banks. - In case of network failure, banks shall produce their exchange files on physical media and deliver them to the ZCH within a specified time frame. - The ZCH will provide remote online access for enquiry and downloading relevant data items, including reports and aggregate net settlement positions of banks.