Elixir Sessions in Poland

ELIXIR is an electronic interbank settlement system created for processing payments in the Polish currency, the złoty. Thanks to the ELIXIR system, efficient transfers of funds are possible, and it was developed by KIR, the National Clearing House.

When I get my money?

In Poland, interbank transfers primarily operate through electronic systems that facilitate the secure and efficient movement of funds between banks. Here’s an overview of how these transfers work:

1. Types of Transfers

• ELIXIR System: This is the most commonly used system for domestic transfers in Polish złoty. It handles both individual and bulk payments.
• SORBNET System: Used for high-value transactions, SORBNET processes real-time gross settlement (RTGS) transactions, ensuring immediate settlement between banks.

2. Initiating a Transfer

• The sender initiates a transfer through their bank’s online banking platform, mobile app, or in person at a bank branch.
• The sender provides necessary details, including the recipient’s bank account number, the amount to be transferred, and any reference information.

3. Processing the Transfer

• Once the transfer is initiated, the sending bank verifies the transaction details.
• The transaction is then submitted to the ELIXIR or SORBNET system, depending on the transfer type and amount.
• For ELIXIR, transactions are processed in batches, typically several times a day, while SORBNET allows for immediate processing.

4. Settlement

• In the case of ELIXIR, once the batch is processed, the receiving bank’s account is credited with the amount.
• For SORBNET, the transaction is settled immediately, with funds transferred directly from the sender’s bank to the recipient’s bank.

5. Confirmation

• Both the sender and recipient receive confirmation of the transfer. This may be in the form of an SMS, email notification, or an update in their banking app.

6. Regulatory Oversight

• The operation of interbank transfers is regulated by the National Bank of Poland and other financial authorities to ensure security, efficiency, and compliance with national and EU regulations.

7. Security Measures

• Banks employ multiple security measures to protect against fraud, including encryption, two-factor authentication, and monitoring of suspicious activities.

Conclusion

Interbank transfers in Poland are designed to be fast, secure, and efficient, allowing individuals and businesses to conduct financial transactions with ease. The ELIXIR and SORBNET systems play a crucial role in facilitating these transfers, ensuring that funds are transferred reliably between banks.