ANCILLARY SYSTEM

A system whose settlement of intraday and end-of-day balances transits through C.R.I. for final payment in a real-time gross settlements system (RTGS).
Each ancillary system belongs to one of the following categories :

• 1. A system which settlement transits through C.R.I. in the form of non-linked entries executed one by one,
• 2. A system which settlement transits through C.R.I. in the form of linked entries (entries executed as a block).

The ancillary systems now operating are :

• Sit (GSIT)
• RGV, RELIT+ (Euroclear France)
• Cash calls, guarantees (Euronext, Clearnet)
• Carte Bancaire fees (GCB)

CECEI

French regulatory organization in charge of making the decisions or to grant the authorizations or the individual exemptions envisaged in particular by the regulations of the Comité de la Réglementation Bancaire et Financière (CRBF), applicable to the credit institutions and the companies of investment.

Centrale des Règlements Interbancaires (C.R.I.)

C.R.I. (Centrale des Règlements Interbancaires) manages the unique high value payment and settlement euro platform, connected to TARGET, integrating a single Gross and Net system (RTGNS -Real-Time Gross and Net Settlement) in central bank money, with real-time finality of operations.
It is both a market infrastructure and a technical platform.

Cross-border payment

A payment by an originator whose account from which payment is to be made, is held by an institution or its branch in one country, to be made available to a beneficiary at an institution or its branch in another country.

Cut-off time

A time of day specified by the receiver before which a batch must be received for processing to begin on that day.

Direct Participant

SIT meaning :
Institution accepted by the Management Committee with Direct Participant status. Direct Participants have full and indivisible technical and financial liability to the banking community on their own account or on that of institutions represented by them.
General meaning :
A participant in an interbank funds transfer system (IFTS) who is responsible to the settlement agent (or to all other direct participants) for the settlement of its own payments, those of its customers and those of the indirect participants on whose behalf it is settling.

EBA clearing SAS

Joint stock company created in June 1998, by the banking society for the euro, to ease, develop and manage a clearing system in euros for Europe.

French Interbank teleClearing Consortium (GSIT)

GSIT :

• is responsible for developing and operating the Interbank Teleclearing System,
• keeps SIT operating smoothly in technical and banking terms and in security matters, while optimizing costs, in order to provide the highest standards of service to user banks,
• plays an active role in the national and international banking standards-setting bodies.

Indirect participant

SIT meaning :
Institution accepted by the Management Committee with Indirect Participant status, allowing it to participate in SIT through the intermediary of a Direct Participant colleague. Indirect Participants are known to SIT only through the parameters used (routing, table of issuing institutions, ...).
General meaning :
In the EC context, the term refers more specifically to participants in a transfer system which are responsible only to their direct participants for settling the payments input to the system.

SEPA

Single Euro Payments Area

Settling participant

In some countries, a settling participant in a funds or securities transfer system delivers and receives funds or securities to/from other settling participants through one or more accounts at the settlement institution for the purpose of settling funds or securities transfers for the system. Other participants require the services of a settling participant in order to settle their positions. Currently, in the EC direct participants are by definition also settling participants.

SIT exchange period

Period of time during which a transaction is required to be exchanged for a determined settlement date. This period may cover several working days.

TARGET 1 (Trans-European Automated Real-time Gross settlement Express Transfer)

The TARGET system is defined as a payment system composed of one RTGS system in each of the countries which participate in stage three of EMU and the European Central Bank (ECB) payment mechanism. RTGS systems of non-participating countries may also be connected, provided that they are able to process the euro alongside their national currency. The domestic RTGS systems and the ECB payment mechanism are interconnected according to common procedures (“interlinking”) to allow cross-border transfers throughout the European Union to move from one system to another system.

Truncated-cheque

The truncated-cheque is created by the remitter banker, SIT direct participant or indirect participant, from the CMC7 bottom line and the amount of the cheque. It is exchanged and settled through the SIT.