GSIT - Users

Users

Any credit or financial institution (according to the article L. 311-1 of the Monetary and Financial Code), that manages means of payment and that, for any reason whatsoever, issues or receives payment transactions that are accepted by the CFONB (French Standing Committee on Bank Organisation) for transit through the interbank circuits participates in the SIT.

The SIT’s participation structure is organised in the form of several “concentric circles”, according to the system access method of all credit institutions that manage means of payment and are established in France.

“Direct Participants” have full and indivisible technical and financial liability to the banking community for the exchanges on their own account or on that of institutions represented by them. They must be accepted by the GSIT Management Committee and undertake to comply with all of the rules of the banking profession and the GSIT, which notably include receiving all transactions accepted within the system. They look after the settlement, in central bank money, of the exchanges processed by the SIT.

“Indirect Participants” exchange and clear their transactions via a Direct Participant of their choosing. They are listed in the tables used by the SIT.

The “INCONNUSIT” are credit institutions known as “bank customers” that carry out fewer than 5 000 interbank exchange transactions per year, and can only issue or receive by using the code of another participant (direct or indirect). They are therefore not known to the SIT.

The SIT participation rules are set down in the document “CIRCE - Interbanking Charter of Governing Exchange Conditions”.

CIRCE gathers all the main provisions relative to the operation of the SIT (Interbank Teleclearing System), which govern the relations between the users and between the latter and the GSIT.

This Charter, as well as all of the rights and obligations of the SIT Participants, are governed by French law and including, in case of the launch of collective proceedings against a Direct Participant, in application of article L. 330-1 of the Monetary and Financial Code.

For more practical aspects, CIRCE refers to its technical appendices and to other reference documents.