Instruction No. 11/2025: Regulation of the Interbank Clearing System (SICOI)

Instruction No. 11/2025 BO No. 9/2025 Supplement • 2025/09/17 Topics Payment Systems :: Clearing
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Index
Text of the Instruction
I – SCOPE OF APPLICATION AND GENERAL PROVISIONS II – CLEARING AND FINANCIAL SETTLEMENT OF OPERATIONS III – PROVISION OF SERVICES BY THE BANK OF PORTUGAL WITHIN THE SICOI IV – PRICE LIST V – OTHER PROVISIONS
Annex I - Governance model of the clearing and settlement subsystems of SICOI
Annex II - SICOI Monitoring Committee
Annex III - Schedule of clearing and deferred financial settlement closures and hours
Annex IV - Procedures relating to cheque clearing
Annex V - Reasons for cheque return
Annex VI - Determination of the amount of the value reserve to be established by the direct participant to guarantee its clearing balances in the subsystems with deferred clearing and financial settlement
Annex VII - Framework contract for credit opening with guarantee of financial instruments and credit rights in the form of bank loans within the framework of the guarantee fund account mechanism of the Interbank Clearing System in TARGET-PT
Annex VIII - Framework contract for financial guarantee for operations in the immediate transfers subsystem
Annex IX - Terms and Conditions of the Account Derivation Identifier and Beneficiary/Payer Confirmation service
Annex X - Terms and Conditions of the Beneficiary Verification service
Annex XI - Price list and penalties to be applied to participants in the clearing and financial settlement subsystems
Text of the Instruction
Subject: Regulation of the Interbank Clearing System (SICOI) This Instruction regulates the clearing and financial settlement of operations processed in the clearing and settlement subsystems of the Interbank Clearing System (SICOI) and the provision of services by the Bank of Portugal within the scope of SICOI. The Bank of Portugal carries out, through SICOI, the clearing and financial settlement of operations processed in the clearing subsystems of: cheques, commercial effects, direct debits, credit transfers, immediate transfers, and card-based payment operations. The clearing and financial settlement of the cheques, commercial effects, direct debits, credit transfers, and card-based payment operations subsystems are carried out on a deferred basis. In the immediate transfers subsystem, clearing and financial settlement are carried out in real time. Within the scope of SICOI, the Bank of Portugal provides services related to the processing of payment operations, which are also regulated by this Instruction, namely the Account Derivation Identifier service - which allows the initiation of payment operations with a user identifier - and Beneficiary/Payer Confirmation – which allows the confirmation of the beneficiary/payer of payment operations (PLCP service); and the Beneficiary Verification service (VoP service), which allows the verification of the beneficiary of SEPA, traditional, or immediate credit transfers, in compliance with Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 (SEPA Regulation). Adherence to the PLCP service, as described in this Instruction, is a condition for participation in the immediate transfers subsystem, the SEPA aspect of the credit transfers subsystem, and the direct debits subsystem of SICOI. Participants in the immediate transfers subsystem and the SEPA aspect of the credit transfers subsystem of SICOI must use the VoP service of the Bank of Portugal within the scope of SICOI. The Bank of Portugal also makes the VoP service available to payment service providers who are not participants in the SICOI clearing and settlement subsystems. The respective Annexes and the operating manuals of the subsystems and services comprising SICOI form an integral part of this Regulation. I – SCOPE OF APPLICATION AND GENERAL PROVISIONS

1. Recipients
   The recipients of this Instruction are:
   a) participants in the clearing and settlement subsystems of SICOI; b) adherents to the services provided by the Bank of Portugal within the scope of SICOI; and c) the entity processing the clearing and settlement subsystems of SICOI.
2. Subject
   This Instruction regulates the clearing and financial settlement of operations processed in the clearing and settlement subsystems of SICOI and the provision of services by the Bank of Portugal within the scope of SICOI.
3. SICOI Subsystems
   3.1. The Bank of Portugal carries out, through SICOI, the clearing and financial settlement of operations processed in the clearing subsystems of:
   a) Cheques; b) Commercial effects; c) Direct debits; d) Credit transfers; e) Card-based payment operations; f) Immediate transfers.
   3.2. The Bank of Portugal carries out deferred clearing and financial settlement of operations processed in the clearing subsystems referred to in points a) to e) of paragraph 3.1.
   3.3. The Bank of Portugal carries out real-time clearing and settlement of operations processed in the clearing subsystem referred to in point f) of paragraph 3.1.
   3.4. In the cheque clearing subsystem, cheques and related documents expressed in euros are presented, according to types and codes defined in the respective operating manual, drawn on any payment service provider participating in the subsystem, subject to the exceptions provided for in Annex IV.
   3.5. In the commercial effects clearing subsystem, commercial effects expressed in euros, payable at any payment service provider participating in the subsystem, are presented, which are physically retained by the acquiring participant.
   3.6. In the direct debits clearing subsystem, collections of direct debits expressed in euros, payable at any payment service provider participating in the subsystem, are presented. This subsystem comprises the SEPA CORE and SEPA B2B aspects.
   3.7. In the credit transfers clearing subsystem, transfer orders expressed in euros, payable by any payment service provider participating in the subsystem, are presented. This subsystem comprises the Non-SEPA and SEPA aspects.
   3.8. In the card-based payment operations clearing subsystem, operations processed between participants, expressed in euros, namely withdrawals, transfers, payments, and deposits, are presented.
   3.9. In the immediate transfers clearing subsystem, payment orders expressed in euros, payable by any payment service provider participating in the subsystem, are presented, with immediate availability of funds to the beneficiary.
4. Services provided by the Bank of Portugal within the scope of SICOI
   Within the scope of SICOI, the Bank of Portugal provides, to adhering entities, the following services:
   a) Account Derivation Identifier and Beneficiary/Payer Confirmation (PLCP), which includes the functionalities of:
   i. Account Derivation Identifier – Proxy Lookup (PL);
   ii. Single Beneficiary Confirmation – Confirmation of Payee Single (CoPS);
   iii. Bulk Beneficiary/Payer Confirmation – Confirmation of Payee/Payeer Bulk (CoPB);
   b) Beneficiary Verification – Verification of Payee (VoP).
5. Participants in the clearing and settlement subsystems
   5.1. Eligible for participation in the SICOI subsystems are banks, savings banks, the Central Credit Union for Mutual Agricultural Credit, mutual agricultural credit unions, and other credit institutions authorized to carry out activity in Portugal, even under the regime of free provision of services.
   5.2. The Bank of Portugal may also consider other entities eligible for participation in the SICOI subsystems.
   5.3. Except in exceptional cases, mutual agricultural credit unions that are part of SICAM (Integrated System of Mutual Agricultural Credit) are not considered participants in the SICOI subsystems, as they process their operations through the Central Credit Union for Mutual Agricultural Credit.
6. Adherents to services provided by the Bank of Portugal
   6.1. Eligible for adherence to services provided by the Bank of Portugal within the scope of SICOI are payment service providers authorized under Directive (EU) 2015/2366 on payment services in the internal market.
   6.2. The Bank of Portugal may also consider other entities eligible for adherence to services provided by the Bank of Portugal.
   6.3. Except in exceptional cases, mutual agricultural credit unions that are part of SICAM are not considered adherents to services provided by the Bank of Portugal, as they process their operations through the Central Credit Union for Mutual Agricultural Credit.
   II – CLEARING AND FINANCIAL SETTLEMENT OF OPERATIONS A - TYPES AND CONDITIONS OF PARTICIPATION
7. Types of participation in the SICOI subsystems
   7.1. Participation in the SICOI subsystems may be direct or indirect.
   7.2. Participation in one subsystem does not require participation in other subsystems.
8. Conditions for direct participation in the deferred clearing and settlement subsystems of SICOI
   8.1. For direct participation in any of the deferred clearing and settlement subsystems, it is necessary for the participant to indicate a dedicated cash account for real-time gross settlement (CND LBTR) in any of the national systems comprising TARGET, which will be used for the financial settlement of operations.
   8.2. Direct participation in any of the deferred clearing and settlement subsystems of SICOI requires:
   a) The opening of a main cash account (CNP) in TARGET-PT, used exclusively for the establishment of a value reserve, in accordance with the provisions of paragraphs 35 to 38 of this Regulation; b) The establishment of a value reserve, which may be provided by depositing cash in the account referred to in the previous point and/or through liquidity granted by the Bank of Portugal guaranteed by assets eligible for Eurosystem credit operations, in accordance with the provisions of paragraphs 35 to 38 of this Regulation.
   8.3. Direct participation in subsystems with deferred clearing and settlement implies acceptance, by participants who establish the value reserve through liquidity granted by the Bank of Portugal guaranteed by assets eligible for Eurosystem credit operations, of the terms and conditions defined in the “Framework contract for credit opening with guarantee of financial instruments and credit rights in the form of bank loans within the framework of the guarantee fund account mechanism of the Interbank Clearing System in TARGET-PT”, contained in Annex VII of this Regulation.
   8.4. The Bank of Portugal may, in duly justified exceptional circumstances, to ensure the regular functioning of the retail payments market and the SICOI subsystems and to safeguard possible prudential or systemic risks, exempt direct participants from the obligation referred to in paragraph 8.2.
9. Conditions for direct participation in the real-time clearing and settlement subsystem of SICOI
   9.1. For direct participation in the real-time clearing and settlement subsystem of SICOI, it is necessary for the participant to indicate:
   a) A dedicated cash account for real-time gross settlement (CND LBTR) in any of the national systems comprising TARGET, which will be used for the settlement of the remuneration of the register account balance; b) A dedicated cash account for the TARGET immediate payments settlement service (CND TIPS) in any of the national systems comprising TARGET, for the settlement of immediate transfers.
   9.2. Direct participation in the real-time clearing and settlement subsystem of SICOI implies acceptance, by direct participants, of the terms and conditions defined in the “Framework contract for financial guarantee for operations in the immediate transfers subsystem”, contained in Annex VIII of this Regulation.
10. Conditions for indirect participation in the SICOI subsystems
    10.1. For indirect participation in any of the clearing subsystems, it is necessary that the representation of the applicant is ensured by a direct participant in SICOI in the same subsystem.
    10.2. The introduction of payment operations in the various SICOI subsystems is, in accordance with paragraph 5 of Article 2.B of Decree-Law No. 221/2000 of 9 September, the sole responsibility of direct participants.
11. Other conditions for participation in the clearing and settlement subsystems of SICOI
    11.1. Participants in the immediate transfers subsystem and the SEPA aspect of the credit transfers subsystem, established in Portugal, are, within the scope of SICOI, obliged to make available the PL and CoPS functionalities of the PLCP service to payment service users, in accordance with Title III.A and Annex IX of this Instruction.
    11.2. Participants in the immediate transfers subsystem, the SEPA aspect of the credit transfers subsystem, and the direct debits subsystem, established in Portugal, are, within the scope of SICOI, obliged to make available the CoPB functionality of the PLCP service to payment service users, in accordance with Title III.A and Annex IX of this Instruction.
    11.3. Participants in the immediate transfers subsystem and the SEPA aspect of the credit transfers subsystem, established in Portugal, are, within the scope of SICOI, obliged to make available the VoP service to payment service users, in accordance with Title III.B and Annex X of this Instruction, whenever the CoPS functionality:
    a) Has not allowed confirming the identity of the intended beneficiary of the payment operation; or b) Having allowed confirming the identity of the beneficiary of the payment operation, the client has changed the beneficiary name received in CoPS.
12. Application for participation, change of participation type, and cessation of participation in the SICOI subsystems
    12.1. Participation in any SICOI subsystem is subject to the following procedures and requirements:
    12.1.1. The participation process must be initiated by the applicant by submitting an application for participation in the subsystem in question to the Bank of Portugal, to be approved by the Bank of Portugal;
    12.1.2. If the application is approved by the Bank of Portugal, the applicant must submit the “Form for participation in SICOI” to the test environment;
    12.1.3. Approval by the Bank of Portugal of the participation application submitted in accordance with paragraph 12.1.1 depends on certification that the applicant meets the technical and operational conditions necessary for participation, defined in the operating manuals of each subsystem;
    12.1.4. Approval by the Bank of Portugal of the participation application submitted in accordance with paragraph 12.1.1 also depends on the applicant obtaining a Business Identifier Code (BIC) and an institution code to be provided by the Bank of Portugal;
    12.1.5. The technical certification referred to in paragraph 12.1.3 must be presented to the Bank of Portugal by the SICOI processing entity, with a minimum advance notice of 12 business days prior to the scheduled start of participation, except in exceptional and duly justified cases;
    12.1.6. The applicant must submit the “Form for participation in SICOI” to the production environment to the Bank of Portugal, with a minimum advance notice of 12 business days prior to the scheduled start of participation, except in exceptional and duly justified cases;
    12.1.7. If the applicant wishes to participate in the SEPA credit transfers subsystems, SEPA direct debits (CORE or B2B) or immediate transfers, they must prove their adherence to the respective SEPA model of the European Payments Council (EPC);
    12.1.8. The forms mentioned in paragraphs 12.1.2 and 12.1.6 are available on the institutional website of the Bank of Portugal (www.bportugal.pt) and must be signed by someone with the authority to do so, on behalf of the applicant, according to the signature form to be sent to the Bank of Portugal.
    12.2. The application for change of participation type in any subsystem is subject to the provisions of paragraph 12.1.
    12.3. Cessation of participation in any SICOI subsystem is subject to the following procedures:
    12.3.1. Receipt at the Bank of Portugal of a request for cessation of participation, in accordance with the 'Form for participation in SICOI';
    12.3.2. The provisions of 12.1.8 apply to the signing of the form for cessation of participation in the SICOI subsystems;
    12.3.3. Receipt of the form referred to in 12.3.1 must occur with a minimum advance notice of 30 business days prior to the scheduled date of cessation of participation, except in exceptional cases where a shorter notice is authorized;
    12.3.4. Confirmation to the Bank of Portugal that the technical and operational conditions necessary for cessation are met.
    12.4. In the event of the extinction of an institution code, the Bank of Portugal will monitor the use of that code during a transition period defined by the Bank of Portugal, after which the said code will no longer be accepted in SICOI.
    12.5. The start of participation, change of participation type, or cessation of participation in any subsystem is communicated by the Bank of Portugal to all participants with a minimum advance notice of 10 business days, except in exceptional cases and without prejudice to the provisions of the following paragraph.
13. Suspension and exclusion of participants from the SICOI subsystems
    13.1. The Bank of Portugal may suspend or exclude a participant in SICOI without prior notice.
    13.1.1. Suspension consists of the temporary cessation of a participant's rights and obligations during a period of time determined by the Bank of Portugal.
    13.1.2. Exclusion consists of the definitive cessation of participation in SICOI.
    13.2. A participant in SICOI will be suspended or excluded immediately if any of the following non-compliance situations occur:
    a) Opening of insolvency proceedings; b) Non-compliance with the participation conditions set out in paragraphs 8 to 11.
    13.3. The following also constitute grounds for the suspension or exclusion of a participant from any of the SICOI clearing subsystems:
    a) Non-compliance with duties established in this Regulation, its respective Annexes, and the operating manuals of the subsystems comprising SICOI; b) Non-compliance with an important obligation towards the Bank of Portugal; c) Suspension or exclusion of the participant from TARGET.
    13.4. Suspension or exclusion of a participant may also be determined if any occurrence related to them occurs, which, in the opinion of the Bank of Portugal, prejudices the performance of its duties, as described in its Organic Law, the General Regime of Credit Institutions and Financial Companies, and the Statutes of the European System of Central Banks and the European Central Bank, or constitutes a risk of a prudential or systemic nature.
    13.5. In exercising the discretionary power referred to in point b) of paragraph 13.3 and paragraph 13.4, the Bank of Portugal will take into account, among other aspects, the impact of the identified non-compliance situations on the stability and security of SICOI.
    13.6. The suspension or exclusion of a participant from any subsystem is communicated immediately by the Bank of Portugal to all participants in the respective subsystem, notably through the list of interlocutors registered in the Payment Systems Thematic Area on the BPnet portal (www.bportugal.net).
    13.7. Operations presented in the clearing subsystems involving the suspended or excluded participant, and which, in accordance with paragraphs 17 and 23, are considered introduced into SICOI, are processed and submitted for settlement even if it occurs at a time subsequent to the decision of suspension or exclusion.
    13.8. The Bank of Portugal is not responsible for any losses incurred by participants as a result of the suspension or exclusion of a participant.
    B - FINANCIAL CLEARING
14. Duties of participants
    14.1. Each participant must transmit to the Bank of Portugal, directly or through the processing entity referred to in Title II.E, the operations carried out with other participants, in accordance with the rules, hours, and procedures defined in the operating manuals and with the sp