ELIXIR – definition of the concept, application

Elixir is an electronic banking system that guarantees the efficient execution of payments between participating banks. The system was created and is being developed by the National Institute for the Development of the Cash Handling Economy (KIR). With the Elixir system, banks can exchange settlement messages and information.

What exactly is ELIXIR? Definition of the term

The Elixir electronic interbank settlement system enables efficient execution of transfers in zlotys. Through the Elixir system, discretionary and debit payments of individuals and companies, as well as the banks themselves, are executed. All transactions directed to the system are settled during one of the three Elixir sessions held each day, and settlement in the National Bank of Poland system – SORBNET2 – ensures the finality of the transaction on the current day. The Elixir system is a fully secure and reliable way to make payments.

Payments are sent between banks through ICT links, and their transfer takes place in real time. As a result, we can be sure that our money will arrive where we want it and when we want it. Until recently, the Elixir system was only available to banks, but as of July 1, 2016, it is also open to companies and individuals. This is very good news, as it means we can take full advantage of its services and enjoy fast and secure transfers.

ELIXIR – settlement sessions

  • The morning settlement session lasts from 10:30 to 11:00 am
  • afternoon settlement session runs from 2:30 pm to 3:00 pm
  • evening settlement session runs from 5:00 pm to 5:30 pm
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