Central Banks across the world are under pressure to bring in systems which can, not only automate clearing of current payment instruments, but be parameterized to such an extent that new payment instruments can also be set up by them in the future. Key Features of PICS are : User Defined Payment Instruments Non-Financial Messages Direct/Indirect participants Multiple Clearing Zones File Acknowledgement Charging Module Document Processor Interface Windows Platform Multiple Message Formats Encryption Compression FTP Transfer Database Independent

User Defined Payment Instruments
PICS allows a Central Bank to set up any type of financial instrument at any time. Some examples are Cheques, Bills, Drafts, Promissory Notes, Transfer Orders, Direct Debits etc.

Non-Financial Messages
PICS allows Central Banks to send Non-Financial Messages to Member Banks as well as route Non-Financial Messages between Member Banks.

Direct/Indirect participants
PICS supports Member Banks which are either Direct Participants, or Indirect Participants. Indirect Participants will present their instrument through a Direct Participant.

Multiple Clearing Zones
Most countries have different clearing zones with varying clearing periods attached to them. PICS supports multiple clearing zones.

File Acknowledgement
PICS acknowledges files sent by Member Banks.

Charging Module
PICS has an extremely flexible charging module allowing Central Banks to set up various charges to be collected from Member Banks and invoice them periodically.

Document Processor Interface
PICS can interface to a variety of document processors and encoders allowing Central Banks to compare electronic files with paper items.

Windows Platform
PICS operates in the Microsoft Windows environment on which there is a high availability of qualified personnel across the world.

Multiple Message Formats
PICS support both flat files and XML files for both Financial and Non-Financial Messages.

Encryption
Computer crimes have now become common. To ensure the Authentication, Integrity, Non-Repudiation and Confidentiality of files, PICS uses highly secure encryption techniques which conform to international standards.

Compression
Standard ASCII files, when compressed, can result in a huge saving in bandwidth and reliability of transfer. PICS compresses files using a sophisticated compression technology by up to 95% resulting in fast transfer times.

FTP Transfer
PICS has built in FTP capabilities over TCP/IP which allows the transfer files using Leased Line, Frame Relay, Dial-Up Line, VSAT or the Internet.

Database Independent
PICS is database independent allowing Central Banks to choose any RDBMS which is ANSI SQL compliant. For example, a Central Bank could choose to use Oracle, Microsoft SQL Server, Borland Interbase etc.