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Paper-based Exchange Centre - CEPC A truncated-cheque exchange, which has translated the truncation of the last non-automated means of payment, is accompanied by the circulation of certain cheques for which a complete verification by the bank being drawn upon proves to be necessary. In April 2000, the Paris Financial community entrusted the GSIT with the responsibility for processing circulating cheques. A new function was created: manager of the CEPC (Paper-Based Cheque Exchange Centre). The CEPC held its first exchange session on 15 October 2001. The daily volumes of circulating cheques represent under 2% of the total number of Truncated Cheques, i.e. at the most 220,000 transactions.
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