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Your questions / Our answers
Participation in the SIT and its usage Direct Participants:
Founding members and ...
How can banks use the SIT network? Direct SIT access is possible for banks having “Direct Participant” status, i.e. those banks
that have minimal financial criteria, that have significant flows that represent
0.20% of all of the Profession’s automated flows, and that have the
necessary infrastructure needed for an appropriate dialogue with the SIT. What are the SIT access fees? To directly access the SIT, one must have “Direct Participant” status
(minimum mandatory volume criterion), pay an access fee according to the
balance sheet and/or volume, pay an annual subscription and obtain the
equipment needed for connection to the SIT system in normal or degraded
mode (equipment, backup equipment, dialogue software for monitoring the
exchanges, management of breakdowns and recoveries, means and
implementation procedures for backup plans...). A Direct Participant
assumes technical and financial responsibility for the exchanges. How does clearing work on the SIT? Exchanges on the SIT are carried out every day, in time slots. There are Exchange Day Closing Times (HAJE) according to the nature of the operations. There are four such times: for credit transfers and card payments, for Truncated Bill of Exchange and TIP (Interbank Payment Orders), for direct debits, for non-accounting operations. The exchanges are netted as they arrive, but the netting and settlement balances (Accounting Day Closing Times - HAJC) are posted once each day by means of the TBF (Banque de France Transfers) system via the CRI – Centrale des Règlements Interbancaires. In the SIT, there is no notion of a Paris/non-Paris region. Each day, in compliance with the exchange time slots mentioned above, the banks send their operations to the SIT. However, these time limits apply to SIT Participant establishments, and not to their customers.
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