Regulatory Alerts2025-09-17
Added
Instruction No. 11/2025 on the Interbank Clearing System (SICOI)
This regulation governs the clearing and financial settlement of operations within the Interbank Clearing System (SICOI) and the services provided by the Bank of Portugal, including the Proxy Lookup and Confirmation of Payee (PLCP) and Verification of Payee (VoP) services. It establishes eligibility criteria for direct and indirect participation in SICOI subsystems, requiring direct participants to maintain dedicated accounts and value reserves, and mandates specific payment service providers to offer PLCP and VoP functionalities to their users. The document also details the procedures for joining, altering, or ceasing participation, as well as the grounds for the suspension or exclusion of participants.
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