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
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.
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