Means of payment
At the end of the 1960s, the truncation of means of
payment began with the creation of the
direct debit- notably for the
payment of electricity bills and income tax -, which was followed by the
transfer and then the
bill of exchange. It was then
extended to include commercial papers, exchanged over the SIT since
1994, and then all interbank transfers. Physical exchanges of credit
transfers ("paper" exchanges) between banks ended in 1998.
The truncation of
cheques was carried out in two
steps. In 1983, certain banks truncated, in their regions, the exchanges
of small amount cheques in the form of Truncated Cheques through the
creation of nine CREIC (Regional Truncated Cheque Exchange Centres). At
the start of 2002, the Banking profession then generalized the exchange
of cheques by implementing the
Truncated cheque exchange (EIC).
These reforms, decided upon and implemented under the
aegis of inter-banking organisations such as the
Committee on Bank Organisation), the GSIT and the
Cartes Bancaires (Bank Card Consortium), were made possible by the
efficiency of the cooperation between the banks.
The organization of the French payment system
demonstrates the strong interbancarity culture that prevails in France,
and is based on several principles:
Broad technical cooperation, ranging from the
standardization of exchanges to their automation, without calling
into question the notion of competition between establishments,
The pooling of investments
Electronic payments require secure treatment processes. Pooling the
means on the interbank level serves to lower the costs for
exchanging and processing means of payment, through economies of
A high level of security and operational
The administration of means of payment is an exacting activity that
requires the implementation of powerful and high-performance
protective means and reliability.
This interbancarity allows the GSIT to provide banks
and their customers with a very high level of service.