The proper operation of the SIT network elements and of the traffic
flows is constantly monitored by a
Management Centre, which detects
the slightest anomalies and looks after the automatic
transactions in the event of an access point breakdown.
Accounting Centre manages the daily accounting records of the
transactions, it calculates for the daily
provides the Banque de France, via Target2 (Centrale des règlements
Interbancaires) (in relation with the treasurers of the
various banks), with the multilateral net balances to be posted to the
accounts of the banks.
It also performs other functions, including the production of statistics.
common centres provide the last recourse for receiving a
transactions (Backup Centre), or manage the tables and parameters, or
remotely distribute software.
All of these centres are redundant and physically distributed between
several geographical sites.
Both within the SIT and with the Participants, everything has been
designed in order to ensure service continuity, high availability and
M1 interbank exchange
From the sending bank’s Bank Processing Centre to the SIT access point:
the transactions are grouped as “outbound remittances”, all of which are
in the same transaction category.
According to the receiving bank of the transactions, the remittances in the
SIT network are “broken down” into transaction batches known as
“messages”. The messages are routed through the network to each
receiving Bank station, where they are deposited in the “mailbox”.
From the SIT access point to the Receiving Bank Processing Centre: the
“mailboxes” are emptied by the recipient according to the organisation
of its internal processes. The messages are then transmitted by data
connection to the Participant’s banking site, in a “return remittance”.
The arrival of a transaction message in the receiving bank’s station
mailbox triggers the dispatching of an acknowledgment to the sending
This acknowledgement, which formalizes the exchange between the two
banks, plays two essential roles:
It informs the sending bank of the possible deferral of the
settlement date if the M1 message arrived at the receiving station
after the cut-off time.
It sets the point of
irrevocability of the order sent to the
system by the sending bank (in compliance with article L.
330-1 III of
the Monetary and Financial Code). In the event of subsequent
proceedings. This order is also governed by the provisions of
article L. 330-1 II of the Monetary and Financial Code, which
stipulates that the exchanged transactions (after the M2
acknowledgement) and until the end of the day during which the
decisions of a collective procedure is rendered, cannot be cancelled.
M3 interbank netting and settlement
Upon receiving a M2 acknowledgment, it is up to the sending bank’s
station to create an accounting summary (known as a M3 message). This
accounting message 3 is sent to the Accounting Centre, which will update
the SIT accounts of the sending bank and the receiving
The Participants are required to perform two daily
reconciliations of their accounting situations with the SIT. For this
purpose, they use the account statements issued by the network and
accounting follow-up provided by their bank processing centres.
The Accounting Centre calculates the multilateral net balance of each of
the banks’ accounts. This calculation is known as the net multilateral
The net multilateral balances are then sent to the Banque de France for
posting to the Participants’ central accounts, held by the Banque de
France; this has transmitted via Target2.
The Banque de France is the Settlement agent for the Interbank
Teleclearing System. It also monitors the proper operation and security of payment systems, as part of the mission
entrusted of the European Central Banks System (article L.
141-4 of the Monetary and Financial Code).