Similar to the SWIFT in Europe, the ACH provides inter-bank clearing of credit and debit transactions.

Similar to the SWIFT in Europe, the ACH provides inter-bank clearing of credit and debit transactions.

However, the inter-bank clearing of transactions can be of any form, either credit or debit types.

There is a distinction between settlement in the financial markets and interbank clearing.

Payments made by the debit or credit card are disbursed automatically via the bank clearing systems.

Following the merchant’s “cash back”, his bank sends the information to the interbank clearing house.

Its purposes are those of an Interbank Clearing House and of a payment system provider for domestic and foreign entities.

Being responsible for secure data transfer, as well as for reliable electronic exchange of information, KIR plays a key role in the interbank clearings.