SNCC does not work with the value date. All payment transactions enter processing immediately, on the day they are received. T he format of payment transactions is standardized. It consists of a so-called clearing sentence comprising 99 different types of records. This is a domestic standard valid in the interbank payment system of SR, and it differs from S.W.I.F.T. format.
Processing is based on the principle of gross settlement.
If a bank does not have enough funds in its technical account to cover a payment transaction, the debit transactions are temporarily put on hold. If the bank does not have enough money to cover debit transactions in its technical account at the time of closing accounts at the end of the day, SNCC does not process the payment orders and returns them to the bank. A debit balance of a bank in its technical account at SNCC is not permitted even for a short time during a clearing day. Banks may overcome a short-term liquidity shortage by borrowing on the interbank money market, or they may acquire necessary funds from NBS, either through operations on the free market or by drawing a Lombard credit. NBS is authorized to monitor the technical accounts of all banks with the aim of supervising and overseeing liquidity of the banking sector.