SORBNET2 was launched on 10 June 2013. SORBNET2 is a new generation real-time gross settlement (RTGS) system for polish zloty operated in Narodowy Bank Polski
SORBNET2 was launched on 10 June 2013. SORBNET2 is a new generation real-time gross settlement (RTGS) system for polish zloty operated in Narodowy Bank Polski. In SORBNET2 payment transactions are settled one by one (without netting) on a continuous basis (real-time), in central bank money with immediate finality. Settlement ”in central bank money” means that settlement takes place on accounts held at central bank. Settlement is final and irrevocable.
The launch of SORBNET2 was an important milestone in the modernisation of Poland’s financial infrastructure. Narodowy Bank Polski upgraded its RTGS system in order to take advantage of modern technology.
From the technical and business perspective, Narodowy Bank Polski main benefits of the new system include:
- improving soundness and efficiency,
- eliminating operational risks associated with older platforms,
- reducing maintenance costs,
- enabling Polish banks to adjust their processes to the technical requirements of TARGET2 in preparation for Poland’s adoption of the euro,
- full automation,
- shortening processing time of basic operational functions (e.g. settlement of ACH KIR, SoD/EoD procedures),
- improving and facilitating static data management,
- implementing modern reporting solutions,
- wider capabilities of SORBNET2 screens management due to the use of Graphical User Interface (GUI).
The SORBNET2 system, based upon modern technology and accessible via SWIFT, is open for foreign financial institutions.
There are 52 participants in the SORBNET2 system:
- Narodowy Bank Polski,
- 47 commercial banks,
- KSKOK – National Credit Union,
- Krajowa Izba Rozliczeniowa S.A. – KIR S.A. (national clearing house)
- Krajowy Depozyt Papierów Wartościowych S.A. – KDPW S.A. (central securities depository)
- KDPW_CCP S.A.
SORBNET2 in 2022:
- processed 5.4 million payments with the total value of PLN 131.0 trillion,
- the average value of a SORBNET2 transaction was PLN 24.0 million,
- processed a daily average of 21,628 payments, representing a daily average value of PLN 520.0 billion.