Central Securities Depository Of IRAN




SEPAS System, an electronic payment system within the framework of a comprehensive wire transfer system, was developed to digitalize the whole settlement and payment processes of CSDI, In line with the unwavering objective of quality improvement of services. 

Before the system was launched in August 2013, calculations, corrections, receiving confirmation, and sending payment orders in the clearing process, as well as receiving data, confirmation and sending payment order in money transfer processes were all done manually. 

Not only was this process time consuming, but also it increased the probability of errors causing many problems.

The feasibility study of the project commenced in the winter of 2012 and the trial version was tested In June 2013. Later on in August that year, the ultimate version was officially inaugurated. 


Service Provider CSDI
  • Commercial banks (Via web-service)
  • Brokerage firms
  • Capital market Major Institutions  
  • Capital market Major Institutions
  • Commercial banks
Linking with Other Systems & Entities
  • Communication with banks' web-services via banking infrastructure
  • Communicating with DANESH system for group-payment
  • Communicating with NetClear
  • Communicating with Settlement Guarantee Fund (SGF)
  • Communicating with KARA
  • Communicating with Credit Limit System
  • Performing settlement processes
  • Managing and making electronic payments (a case or by group)
  • Management of Iran Energy Exchange (IRENEX) settlement notices 
Unveiling date June 2013



The system consists of 4 sections: daily settlement, electronic payment, reports & basic information, and banking communications. The features of this system in each section are as follows:

Daily Settlement section

  • Settlement of Kish, Tehran, derivatives, energy and futures markets
  • Settlement operations are performed in a multi-bank manner and the customer is not required to open an account in a specific bank.
  • Registration of OTC transactions for settlement operations
  • Issuance of settlement notices
  • Reporting financial statements
  • Recognize the payments of debtor brokerage firms
  • Registration of accounting documents, receipt and transfer of funds in the company's financial system
  • Edit and confirm information in various steps

Electronic payment section

  • Payment of capital market’s institutions fees
  • Group and case deposits
  • Electronic payment
  • Issuing notices for the settlement of IRENEX commodity trades
  • Issuance of customer’s deposit ID code
  • Edit and verify information in various steps

Reports & Basic Information Section

  • Daily settlement report
  • Instant reporting on settlement operations
  • payments & transactions reports
  • Report on clearing processes
  • Performance report of brokerage firms working as subsidiaries of banks collaborating in settlement processes
  • Users management
  • System administration
  • Bank accounts

Bank Communication Section 

  • Receiving bills
  • Receiving account balance, debts and credits of brokerage firms
  • Payment (Automated Clearing House (ACH) transfers,  Real-Time Gross Settlement (RTGS) and Inter-bank transactions)
  • IBAN number inquiry
  • Bank account inquiry
  • Blocking funds in proxy accounts
  • Unblocking funds in proxy accounts
  • Editing and confirming information at any stage 
SEPAS is only available to CSDI’s personnel