SORBNET – EURO system (closed in 2011)
The SORBNET-EURO, the Polish RTGS system, was launched by Narodowy Bank Polski on 7 March 2005, was used for domestic and cross-border euro transactions that were fast, safe, and cheaper than had been the case previouslyThe SORBNET-EURO, the Polish RTGS system, was launched by Narodowy Bank Polski on 7 March 2005, was used for domestic and cross-border euro transactions that were fast, safe, and cheaper than had been the case previously
The SORBNET-EURO, the Polish RTGS system, was launched by Narodowy Bank Polski on 7 March 2005, was used for domestic and cross-border euro transactions that were fast, safe, and cheaper than had been the case previously.
It was connected with TARGET via Banca d’Italia and the Italian RTGS system (called BIREL) and it was the first such system established in a new EU Member State. It joined 16 RTGS systems: 12 systems from euro-area countries, Denmark, Sweden, United Kingdom and the system of the European Central Bank, all of which were components of the TARGET system.
Narodowy Bank Polski became a settlement agent of euro payments for Polish banks; it operated their accounts in SORBNET-EURO using its own infrastructure. This made it possible for Poland to join the system of settlement of euro payments operated in most EU countries.
The advantages of including SORBNET-EURO into TARGET infrastructure:
allowing Polish banks to settle domestic and cross-border payments in euro, both interbank and customer payments via TARGET,
allowing Polish banks to settle domestic retail payments in euro in the EuroELIXIR system (included into settlement of payments in the SORBNET-EURO system) and – due to Narodowy Bank Polski function of a participant in the STEP2 and EURO1 systems with a prefund status – to settle cross-border retail payments in euro in the STEP2 system, the first pan-European clearing house,
cutting significantly settlement time compared to correspondent banking, and reducing the cost of transaction execution, both borne by banks (by several and even several dozen times) and customers,
ensuring a very high level of safety of making payments in euro due to compliance of SORBNET-EURO with security requirements mandatory for all RTGS systems TARGET is composed of.
In November 2007, TARGET was replaced with the new generation system TARGET2.
Narodowy Bank Polski migrated to the TARGET2 on 19 May 2008 (under the migration of the third wave) and moved to the SSP its own RTGS account and the accounts of the first three banks, direct participants, thus launching the TARGET2-NBP system (Polish component of TARGET2).
The European Central Bank has introduced the transition period of a maximum of 4 years during which central banks could provide indirect participation services in accessing TARGET2 (via their own RTGS systems). During the transitional period bank accounts were maintained in Narodowy Bank Polski:
in the SORBNET-EURO system for indirect participants,
in the TARGET2-NBP system for direct participants.
Gradually commercial banks and ancillary systems were migrated to TARGET2-NBP as a direct participants.
On 21 November 2011 providing by Narodowy Bank Polski indirect participation services in accessing TARGET2 via SORBNET-EURO system ended and on 31 December 2011 system was closed.
On 1 January 2012 Narodowy Bank Polski launched domestic system for home accounting purposes (NBP-PHA).