APSSS stands for Automated Payment and Securities Settlement System. APSSS is a system that connects all banks in a local network. It enables banks to provide customers with services to make electronic payments quickly, safely, and securely anywhere in Belize.Major components of the system include:
- an automated clearing house (ACH) for electronic clearing and settlement of retail payments, such as cheques, credit transfers and direct debits;
- a real-time gross settlements system (RTGS) to enable large-value and time sensitive payments;
- a central securities depository (CSD) to enable liquidity management, electronic auction, custody, and registry of ownership of government securities.
The Government's payments are fully integrated into the APSSS in order to improve collecting revenues (Customs, Income Tax and Sales Tax), making payments (payroll and accounts payable), and managing cash flows via a single treasury account (TSA).
APSSS provides a wider range of payment options such as:
- Electronic Funds Transfer (EFT) for low-value payments (which includes bulk payments, such as payroll and accounts payable) within the same day,
- Instant Funds Transfer (IFT) (an electronic payment that is available 24/7) within a few minutes,
- Real-Time Gross Settlement (RTGS) for high value payments within an hour, and
- Automated clearing and processing of cheques by the end of the next day.
APSSS will have a positive impact on the efficiency of business processes of commercial banks and the way their customers effect payments and receive credit. The system and its new payment options will further expedite the flow of money, contributing to faster receipt of funds, and goods and services.
The Central Bank functions as the operator and regulator of APSSS. The Central Bank is legally authorized to establish, oversee, and develop the national payment system in Belize. It contains systemic and other payment related risks to the system and provides secure and effective mechanisms for the exchange of money between transacting parties, domestically.
Automated Clearing House (ACH)
ACH is a way to move money between banks electronically over a network. Anyone with access to a bank who wants to make a payment to someone who has a bank account can use this system.
ACH payments are simply funds transfers from one bank account to an account at another bank. Here are common uses for the ACH:
- A customer pays for a service
- An employer deposits money to an employee's account
- A consumer moves funds from one bank to an account at another bank
- A business or individual pays a supplier for products
If you want to make a payment, you need the beneficiary’s bank information and bank account number.
To receive payments in your bank account, you will need to provide your bank information and your bank account number to the payer.
With the ACH, you can choose to send a same-day Electronic Funds Transfer (EFT) or an Instant Funds Transfer (IFT).
Ask your teller to send an EFT for low-value payments (under $50,000) and bulk payments, such as payroll and accounts payable. EFTs are processed within the same day. Payments will be made by the end of the day.
If you need to send a payment urgently, choose to send an IFT. An IFT is an electronic payment that is available 24/7. The payment will be processed within a few minutes.
Ask your bank if these options are available online.
Real Time Gross Settlement (RTGS)
RTGS stands for Real Time Gross Settlement. The RTGS is an electronic form of funds transfer for high-value or time-sensitive payments, where money transfer takes place from one bank to another bank in real time and on an individual order basis. Interbank settlement happens throughout the day, rather than just at the end of the day.
Ask your bank for your online options.
Automated Cheque Processing (ACP)
- Making funds available faster;
- Allowing quicker access to the digital image of their processed cheques; and
- Detecting potential fraud sooner.
All of the information on a cheque is important, so make sure that bank tellers, payees, and check scanners can get the details they need. The correct date, payee name, amount in figure and in words, and signature are absolutely essential. Handle your cheques with care; do not fold or write in the MICR line area.
MICR Line: The magnetic ink character recognition technology uses a special ink to verify the cheques. Protect the MICR Line. This line serves to communicate information about your bank and bank account. These numbers are written with magnetic ink in a font that is easily read by computers. This makes cheque processing faster. It is important not to write in this area, as well as not to fold the cheques, which may interfere with the scanning of the cheques.
Central Securities Depository (CSD)
- Calculates and executes automatically interest and coupon payment events;
- Offers early, partial or total redemption;
- Allows access to Intraday Liquidity Management facilities;
- Provides real-time interface with the ATS; and
- Provides online enquiry facilities.