The Bulk Electronic Payment System (BEPS) commenced pilot operation on November 28, 2005, and was rolled out nationwide on June 26, 2006. The system primarily processes intra-city and inter-city debit payment transactions involving truncated paper instruments, as well as small-value credit payment transactions below a specified amount threshold. Payment instructions are sent in batches, and funds are settled through netting. It primarily provides the public with low-cost, high-volume payment and settlement services.