Regulatory Alerts2025-09-17
Added · Updated
Instruction No. 11/2025: Regulation of the Interbank Clearing System (SICOI)
This regulation establishes the rules for the clearing and financial settlement of operations within the Interbank Clearing System (SICOI) and defines the services provided by the Bank of Portugal. It mandates that participants in the immediate transfers and SEPA credit transfers subsystems must use the Payee Lookup and Confirmation of Payee (PLCP) service, and utilize the Verification of Payee (VoP) service when PLCP confirmation fails or is altered. The document sets eligibility criteria for direct and indirect participation, requiring direct participants in deferred settlement systems to maintain dedicated accounts and value reserves, while immediate transfer participants must adhere to specific financial guarantee contracts. It further outlines procedures for joining, suspending, or excluding participants to ensure the stability and security of the payment system.