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Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-1 Electronic ClearingRTGSInternational.

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Presentation on theme: "Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-1 Electronic ClearingRTGSInternational."— Presentation transcript:

1 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-1 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Electronic Fund Transfer System

2 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-2 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM 1 Barang CEK Bank A 2 CEK Bank A BANK X Pak U mempunyai tabungan di Bank X BANK A Pak E mempunyai giro di Bank A BI 3 Penyerahan warkat kliring (Session I) CEK Bank A 4 CEK Bank A Penerimaan Warkat (Pertemuan I/pagi) 5 Penerimaan/Penolakan Warkat (Session II) 6 Sistem Kliring Elektronik

3 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-3 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Warkat Kliring Cek Bilyet Giro Wesel Bank Untuk Transfer Surat Bukti Penerimaan Transfer Nota Debet Nota Kredit Sistem Kliring Manual Semi Otomasi Otomasi Elektronik Penyelesaian Akhir (Settlement) Pemindahbukuan rekening giro masing-masing Bank di BANK Indonesia Sistem Kliring Elektronik

4 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-4 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM MAKER (DRAWER) DATE CHEQUE NUMBER AMOUNT CURRENCY AUTHORIZED SIGNATURE OF MAKER’S AGENT DRAWEE BANK PAYEE DRAWER ACCOUNT NUMBER DRAWEE BANK NUMBER The paper cheque is just a carrier of information. Electronic transmission is better. We dematerialize the cheque (remove the paper) U S D DRAWER ACCOUNT NUMBER DRAWEE BANK NUMBER CHEQUE NUMBER AMOUNTCURRENCY PAYEE BANK NUMBER PAYEE ACCOUNT NUMBER DATE Only the information is sent to the clearing house Sistem Kliring Elektronik

5 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-5 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Diagram Sistem Kliring Elektronik Sistem Kliring Elektronik

6 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-6 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM 1.Pemisahan warkat per jenis transaksi (debet atau kredit), stempel kliring, dan pencantuman MICR 2.Bank pengirim merekam data ke sistem dengan menggunakan reader encoder atau data entry 3.Mengelompokkan warkat dalam batch 4.Mengirimkan batch DKE secara elektronik melalui jaringan komunikasi data ke penyelenggara, Fisik warkat dikirim juga untuk dipilah berdasarkan bank tertuju dengan menggunakan mesin baca berteknologi image 5.Peserta dapat melihat status DKE (sukses atau gagal) 6.SPKE memproses DKE setelah waktu transmit DKE berakhir 7.SPKE mem-broadcast informasi hasil kliring sehingga peserta bisa melihat secara on line posisinya Mekanisme Sistem Kliring Elektronik

7 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-7 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM ACH Credit Transaction BUYER SELLER SELLER’S BANK BUYER’S BANK CLEARINGHOUSE SETTLEMENT BANK 1. BUYER SENDS AN ORDER TO BUYER’S BANK TO CREDIT $X TO SELLER’S ACCOUNT IN SELLER’S BANK 6. SELLER’S BANK CREDITS SELLER’S ACCOUNT WITH $X 3. CLEARINGHOUSE DETERMINES THAT BUYER’S BANK OWES SELLER’S BANK $Y (ALL TRANSACTIONS ARE NETTED) 4. BUYER’S BANK PAYS $Y TO SETTLEMENT BANK 5. SETTLEMENT BANK PAYS $YTO SELLER’S BANK 2. BUYER’S BANK SENDS TRANSACTION TO AUTOMATED CLEARINGHOUSE Sistem Kliring Elektronik

8 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-8 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM ACH Debit Transaction BUYER SELLER SELLER’S BANK BUYER’S BANK CLEARINGHOUSE SETTLEMENT BANK 1. BUYER AUTHORIZES SELLER TO DRAW $X FROM BUYER’S ACCOUNT IN BUYER’S BANK 4. CLEARINGHOUSE DETERMINES THAT BUYER’S BANK OWES SELLER’S BANK $X (ALL TRANSACTIONS ARE NETTED) 5. BUYER’S BANK PAYS $X TO SETTLEMENT BANK 6. SETTLEMENT BANK PAYS $X TO SELLER’S BANK 7. SELLER’S BANK CREDITS SELLER’S ACCOUNT WITH $X 2. SELLER ASKS HIS BANK TO SEND TRANSACTION TO AUTOMATED CLEARINGHOUSE 3. SELLER’S BANK SENDS TRANSACTION TO AUTOMATED CLEARINGHOUSE 8. BUYER’S BANK ADVISES BUYER OF PAYMENT Sistem Kliring Elektronik

9 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-9 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM 1.Memberikan pelayanan sistem transfer dana antar peserta, antar nasabah peserta dan pihak lainnya secara cepat, aman, dan efisien 2.Memberikan kepastian pembayaran 3.Memperlancar aliran pembayaran (payment flows) 4.Mengurangi resiko settlement baik bagi peserta maupun nasabah peserta (systemic risk) 5.Meningkatkan efektifitas pengelolaan dana (management fund) bagi peserta melalui sentralisasi rekening giro 6.Memberikan informasi yang mendukung kebijakan moneter dan early warning system bagi pengawasan bank 7.Meningkatkan efisiensi pasar uang Real Time Gross Settlement Tujuan

10 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-10 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Sender Bank Receiving Bank ABCD Ammount of Liability A B70-00 C D Total Claim Internet Bank Gross Payment Before Netting Net Claims (+) or Liabilities (-) of Each Bank BankABCDNet Total Net VS Gross NET SETTLEMENT Real Time Gross Settlement

11 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-11 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Net VS Gross GROSS SETTLEMENT BANK A BANK B BANK C BANK D (40) (90)(70) (10) (80) (60) (20) (50) (30) Real Time Gross Settlement

12 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-12 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM 1.V Shaped Structure 2.Transfer mechanism 3.Window Time 4.No Money No Game 5.Capping 6.Queue Management and Gridlock Resolution 7.Intraday Liquidity Facility 8.Bye-Laws 9.Information Technology Security and Disaster Recovery Plan 10.Future Plan Real Time Gross Settlement Karakteristik

13 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-13 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM V Shaped Structure Sender Bank Receiving Bank 2. Settlement RCC BI-RTGS 1.Full Payment Message 3. Full Payment Message Real Time Gross Settlement

14 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-14 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Transfer Mechanism 1.Sender Bank enters credit transfer input into RTGS Terminal which will be further transmitted to RCC at Bank Indonesia 2.RCC will process the credit transfer with the following mechanism: To verify whether the checking account balance of the sender bank is higher or equal to the nominal ammount of credit transfer When the sender bank’s checking account is adequate, a posting in the sender bank and receiving bank checking accounts will be executed simultaneously When the sender bank checking account is not adequate, the credit transfer will be placed in queue within the RTGS machine 3. Settled credit transfer information will be transmitted automatically to RCC to RTGS terminal to receiving bank Real Time Gross Settlement

15 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-15 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Window Time No Money No Game Capping a.m. to 5.00 pm Prolong time for certain cases Only credit other participant account Not Allowed to Debit other participant account To minimize vairous payment system risk In the beginning, Rp 1 Billiun Real Time Gross Settlement

16 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-16 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Real Time Gross Settlement Queue Management and Gridlock Resolution 1.The queue in BI-RTGS system based on priority level and first in first out (FIFO) 2.The queue modul in BI-RTGS system shall be completed with bypass FIFO facility which automatically operates when the queue reaches a certain ammount, for the purpose of reducing the number of queues 3.The priority level in queue module in BI-RTGS system is as follows: First priority Coverage of clearing result Second priority Bank transaction with BI/the government Third priority Credit transfer originating from BI-RTGS participant banks 4.When BI-RTGS detects gridlock, gridlock resolution facility will be operated automatically as well as manually based on the criteria of balance adequacy or using First Available First Out (FAFO) method

17 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-17 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Real Time Gross Settlement Intraday Liquidity Facility 1.BI-RTGS participant banks shall file application to obtain FLI with BI 2.Banks shall pledge SBI and or government bonds as collateral so that FLI facility is fully secured 3.BI will determine the maximum FLI that could be withdrawn in a certain period within 1 day. The FLI used by BI-RTGS participant banks as required by the bank’s real need in an intraday (provided when needed) 4.When a bank receives incoming transfer, the incoming transfer will automatically be used to reduce FLI balance used 5.On certain limitation, FLI facility shall be returned to BI at the end of a day. If the bank could not return it on time, the FLI facility will be transfermed into FPJP overnight 6.On T+1, BI will claim all the bank liabilities by using “super priority” transaction which will be settled before other transactions 7.At certain time in the morning, if the bank has not settled the payables, the bank will be suspended from BI-RTGS

18 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-18 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Real-time gross settlement system of the Federal Reserve Used by any institution that has an account at the Federal Reserve Used mainly for large transfers (average: $3.5M) On-line connection (7800 institutions, 99% of transfers) –Direct connection –Computer dialup Off-line connection (1700 institutions, 1% of transfers) –Telephone instructions with codeword FedLine access from PCs Some services over the Web (not funds transfer yet) Fedwire (US RTGS)

19 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-19 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Participants Depository institutions Agencies and branches of foreign banks Member banks of the Federal Reserve System U.S. Treasury and authorized agencies Foreign central banks, foreign monetary authorities, foreign governments, and certain international organizations; and Any other entities authorized by a Reserve Bank Fedwire (US RTGS)

20 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-20 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM INTERDISTRICT SETTLEMENT FUND ATLANTA FED BOSTON FED CLEVELAND FED... SAN FRANCISCO FED How Fedwire Works PNC BANK (PITTSBURGH) EVERGEEN BANK (SEATTLE) SAN FRANCISCO FED (SEATTLE BRANCH) CLEVELAND FED (PITTSBURGH BRANCH) CLEVELAND FED DOLLAR BANK MELLON BANK... PNC BANK SAN FRANCISCO FED EVERGREEN BANK... WELLS FARGO WESTERN BANK PNC WANTS TO TRANSFER $1M TO EVERGREEN BANK 1. PNC SENDS TRANSFER ORDER TO PITTSBURGH BRANCH OF CLEVELAND FED 2. PITTSBURGH BRANCH SENDS ORDER TO CLEVELAND FED 3. CLEVELAND FED SUBTRACTS $1M FROM PNC ACCOUNT 4. CLEVELAND SENDS ORDER TO ISF 5. ISF SUBTRACTS $1M FROM CLEVELAND, ADDS $1M TO SF 6. ISF NOTIFIES SF FED 7. SF FED ADDS $1M TO EVERGEEN ACCOUNT 8. SF FED NOTIFIES SEATTLE BRANCH 9. SEATTLE BRANCH NOTIFIES EVERGREEN. PAYMENT IS NOW IRREVOCABLE. Fedwire (US RTGS)

21 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-21 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM In 2000, –108 million Fedwire transfers –Value $380T (11 times the World Economic Product) –New York Fed: 40 million transfers, $209T “Instantaneous” (within minutes) irrevocable settlement Payment guaranteed by Fed Operates 18 hours/day on business days No minimum dollar amount Daylight overdrafts permitted (intraday peak: $70B) –Fee charged if not collateralized ($6.94 per million) Fedwire (US RTGS)

22 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-22 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM (Clearing House Interbank Payments System) –Private, owned by NY Clearing House Association –U.S. dollar leg of foreign exchange (90% share) –128 banks, 29 countries –Continuous multilateral netting Each bank’s position v. every other bank constantly recalculated –Irrevocable transactions, end-of-day settlement –$1.44T per day, average transaction $6.6M –Cost per transaction: $ $0.40 CHIPS

23 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-23 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM CHIPS CHIPS Operation London Bank L has an account in a NY Bank A Wants to transfer $1M to the account of Bank J in NY Bank B (A and B are on CHIPS) Bank L sends Bank A a SWIFT message Bank A verifies the message, enters it into CHIPS (Bank A has the $1M; doesn’t rely on L’s credit) CHIPS verifies that the transaction is within A’s debit limit and the B-A bilateral limit; otherwise rejects CHIPS notifies Bank B that $1M is being deposited from Bank L through Bank A for Bank J Bank B notifies Bank J that $1M has been added to its account

24 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-24 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM CHIPS CHIPS closes at 4:30 p.m. NY time Each settling bank gets a settlement report showing net amount owed or owing Settling banks have until 5:30 to challenge the total or must pay into the CHIPS account at the NY Federal Reserve by Fedwire (US RTGS) Banks with net credit positions are paid by 5:45 All payment orders are final and irrevocable Fedwire is a payment system CHIPS is a clearing system SWIFT is a messaging system CHIPS Operation

25 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-25 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM CHIPS SWIFTSWIFT LONDON BANK L JACKSONVILLE BANK J NEW YORK BANK B (J’S CORRESPONDENT) FEDERAL RESERVE A’s ACCOUNT B’s ACCOUNT CHIPS SETTLEMENT ACCOUNT 1. BANK L TELLS BANK A TO PAY $1M TO J’s ACCOUNT IN BANK B SWIFTSWIFT CHIPS 2. BANK A VERIFIES FUNDS, ENTERS CHIPS TRANSACTION CHIPS A’S ACCOUNT B’S ACCOUNT 3. CHIPS VERIFIES CREDIT LIMITS, ADJUSTS ACCTS INTERNALLY 4. AT 4:30, CHIPS TELLS BANK A HOW MUCH TO PAY VIA FEDWIRE CHIPS FEDWIREFEDWIRE 5. BANK A MUST PAY BY 5:30 6. FED MOVES $$ INTO CHIPS ACCT 7. BY 5:45, CHIPS MAKES PAYMENT TO B 8. FED DEBITS CHIPS ACCOUNT; CREDITS B’S ACCOUNT CHIPS 9. CHIPS ADVISES B OF CREDIT AMT 10. B CREDITS J WITH $1M NEW YORK BANK A (L’S CORRESPONDENT) CHIPS Operation

26 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-26 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM SWIFT A major international interbank network, transmitting instructions and other information, NOT a fund transfer network. Settlements are conducted through Fedwire, CHIPS, etc.

27 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-27 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM SWIFT Society for Worldwide Interbank Financial Telecommunication (non-profit, Brussels) Financial messaging system, not a payment system –Settlement must occur separately 7125 institutions, 193 countries 1.27 billion messages per year: $5 trillion per day Cost ~ $0.20 per message X.25 packet protocol CCITT X.400 store-and-forward standard Moving to full IP network in 2002 swiftML –interoperable with ebXML

28 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-28 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM SWIFT There are five central requirements of network security: (1)Confidentiality: Data should not be disclosed to unauthorized persons; (2)Access control: Operation of the system is under some control mechanism to prevent illegal access of data; (3)Integrity: Message information should remain original to carry designated transaction details. (4)Data origin authentication: Some way is used to prove the source of data; (5)Nonrepudiation: System should provide some features to ensure that nobody can deny involvement in an electronic transaction so that the legal effect of an EDI transaction can be relied on. Security Control

29 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-29 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM SWIFT Security Control End-to-end authentication SWIFT provides secret-key and end-to-end authentication; i.e. authentication between two banks detecting any bogus payment message. Sequence number control Authentication control does not prevent a message from being replicated, deleted, or stored and retransmitted at a later date. The sequence numbering of messages handles these requirements. A payment message is transmitted with an input sequence number, output sequence number, and transaction reference number. They must be in order separately. The format and the input sequence number are checked by the SWIFT operating center and those messages with format errors or wrong sequence numbers are rejected by operating centers.

30 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-30 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM SWIFT User access control Terminals logging into the system must verify their identity using a password issued by SWIFT. The password is sent in two parts in the form of a table. Encryption between operating centers To preserve the privacy of the banks' messages, the international lines that connect operating centers and join them to regional processors are protected by encryption. SIPN level core security solutions IP Packet filtering IP Encryption Authentication and Integrity Router Authorization Firewalls

31 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-31 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Others Fund Transfer System CHAPS was developed in 1984, and is one of the largest real-time gross settlement systems in the world, second only to Fedwire in the US. CHAPS offers its Members and their participants an efficient, risk-free, reliable same- day payment mechanism. CHAPS CHAPS (Clearing House Automated Payment System) is an electronic transfer system for sending same-day value payments from bank to bank. It operates in partnership with the Bank of England in providing the payment and settlement service.

32 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-32 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Others Fund Transfer System CHAPS Sterling Volumes and Values 1990,1997,1999 & 2000 Q Q Q Q Average daily volume 31,00062,00072,00081,738 Average daily value £78 billion £139 billion £169 billion £189 billion Average transaction value £2.5 million £2.2 million £2.3 million £2.31 million Minimum transaction value £5,000000

33 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-33 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Others Fund Transfer System TARGET, which stands for the Trans-European Automated Real-time Gross settlement Express Transfer system, is the real-time gross settlement system for the euro. TARGET consists of fifteen national real-time gross settlement (RTGS) systems and the ECB payment mechanism (EPM), which are interlinked so as to provide a uniform platform for the processing of cross-border payments. TARGET is more than simply a payment infrastructure; it will offer a premium payment service which will overcome national borders between payment systems in the EU. TARGET is a real-time system: under normal circumstances payments will reach their destination within a couple of minutes, if not only a few seconds, of being debited from the sending participant's account; all payments will receive the same treatment, regardless of their value. TARGET

34 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-34 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Others Fund Transfer System TARGET is a gross settlement system in which each payment will be handled individually. Acknowledgement of the successful execution of each individual payment order will be sent to the sending national central bank in real time. TARGET provides intraday finality : settlement will be final once the funds have been credited. The money received will be central bank money. It will be possible to re-use these funds several times a day. Liquidity will be tied up only for the length of time necessary for real-time settlement to take place. TARGET is accessible to a large number of participants. Hence, most credit institutions will be able to use TARGET to make payments on their own behalf, independently of other participants. TARGET is very easy to use. To initiate a cross-border payment via TARGET, participants will simply send their payment orders to the euro RTGS system in which they participate using the domestic message format with which they are familiar. TARGET will take care of the rest. TARGET

35 Electronic Fund Transfer Systems Program Pascasarjana, Universitas Gunadarma, Magister Management, Budi Hermana-35 Electronic ClearingRTGSInternational Fund TransferIntro.to FISCAM Others Fund Transfer System Diskusi


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