Who makes sure that clearing and settlement operations between banks are conducted reliably and on time? Krajowa Izba Rozliczeniowa S.A. (KIR S.A.) takes care of the process through a set of sophisticated electronic services. In these remarks for Polish Market KIR S.A. President of the Management Board Kazimierz Małecki explains how it is done.

Krajowa Izba Rozliczeniowa S.A. (KIR S.A.) is a leading payment processor in Poland. Since 1992 we have been providing reliable and fast interbank clearing and settlement services which are the backbone of the Polish financial system. In 2006 the flagship of the company – a fully electronic ELIXIR system – processed nearly 1 billion credit transfers and direct debits valued at over PLN 2 trillion (!).
In 2005 a new system dedicated to euro payments, named EuroELIXIR, was established. Now it is used by over 30 banks in Poland and it processes payments worth nearly EUR 200,000 monthly. EuroELIXIR is an important contribution to the creation of the Single Euro Payments Area (SEPA) – the project supported by European Authorities aiming at integration of fragmented payment markets within the European Union. In January 2008 the SEPA Credit Transfer (SCT) messages will be introduced into EuroELIXIR which will allow KIR S.A. to achieve a SEPA compliant ACH status. At the same time KIR S.A. will be enriching standard payment instruments with a range of value-added services, allowing banks to significantly limit the costs of adaptation to the requirements of SEPA. Among these services there are format conversion and direct service to bank customers on the basis of the ISO 20022 XML standards accepted for SEPA, as well as archiving of and giving access to information on the mandates concerning the functioning of direct debits. In domestic inter-bank clearing the main attention has been directed to the development of the new forms of payments increasing the added value for the customer. The example can be the web tool for banks and their customers for smooth processing of complaints and returns, launched in March 2007.
But KIR S.A. is not limiting itself to payments alone. Just the opposite – it dynamically broadens the scope of activity to maximize value for shareholders and to diversify its activity. It is active in the following areas:
· Authorized PKI certification authority (SZAFIR) delivering solutions which enable issuing and verification of digital signatures as well as time stamping.
· A complete set of digital image and electronic data archive services and components which enable users fast and safe direct access to stored documents.
· SWIFT Service Bureau enabling banks and corporations to lower costs and increase safety of the connection to the SWIFTNet network, which links financial institutions around the globe.
· Internet payment solution PayByNet enabling safe and convenient payments related to eCommerce directly between bank accounts.
· Electronic Bill Presentment & Payment system aiming at increasing efficiency and the speed of a billing process by allowing bills and invoices to be presented in electronic banking channels, which allows customers easy reconciliation, storage and payment.
At the same time KIR S.A. was noticeable on the international arena being one of the founders of the EACHA association (European Automated Clearing House Association) established in September 2006, associating the largest clearing houses conducting their activity in Europe and working with the purpose of developing the interoperability mechanisms among clearing institutions.
We hope that by providing safe and robust electronic data exchange services for banks, corporations and public administration KIR S.A. will contribute to the creation of the  modern and innovative economy.