In line with the development of quality promotion of electronic services, Central Securities Depository of Iran (CSDI) has made great attempts to improve transparency and standards as well as oversight of electronic payment systems within the framework of development and completion of a comprehensive wire transfer system. The development of Mobile Payment System (SEPAS) in August 2013 was among the measures adopted by the CSDI to that end.
This system is provided for electronic clearing and settlement in combined markets, Kish market, energy exchange, commodity deposits, etc. It eliminates paper work and provides electronic bank payments i.e. clearing and group payments. Furthermore, the system provides the service to banks in order to know about the status of brokers' accounts.
Another feature of the system is the ability of warning debtor dealers about remaining deposits. Besides, the system can generate deposit ID.
The beneficiaries of SEPAS are the Clearing and Settlement Department of CSDI, banks and brokerage firms as well.
The following are among the main features of the SEPAS system.
• Daily Settlement of Transactions
SEPAS offers electronic settlement of securities in daily practice for combined and equity markets, Kish Stock Exchange, commodity deposit contracts, power and energy transactions and futures market. SEPAS allows traders to have accounts with multiple banks and does not impose restriction on its clients to work with a specific bank. The system also records outsourced transactions for settlement operations. It provides reports on financial bills and determines payments by debtor-brokers. SEPAS meanwhile undertakes registry of accounting documents, payments and deposits in and out of CSDI's financial system.
• Electronic Settlement of Payments
CSDI pays the relative fees to various capital market entities electronically via SEPAS. E-banking payment procedures as well as providing banks with credit reports of subsidiary brokerage firms, issuing notices in regards with transactions that take place at Iran Mercantile Exchange (IME) and creating a reference deposit or client payment ID are among other services SEPAS provides.
• Settlement Process Reports
SEPAS meanwhile offers reports on settlement and daily payment processes, clients' affairs management and monitors the performance of brokers who are in fact the subsidiaries of relative banks
• Issuance of Notices
CSDI also pays fees to various capital market entities and issues notices in regards with settlement of transactions taking place in physical market of the energy exchange.
CSDI primarily aimed to carry out settlement operations, manage and perform CSDI's electronic payments (either individually or collectively) as well as seeing into notices issued by Iran Energy Exchange in regards to IEE's settlement of transactions.
In the future, CSDI aims to expand its working relations with several more banks. It also seeks to undertake payments related to a wider range of transactions taking place in the Iranian capital market.