The entire cash cycle is changing: its participants - the Banque de France, banks, cash-in-transit firms, retailers – are collectively implementing ambitious plans to modernise and streamline the cash supply chain, under the guidance of the Banque de France.
As part of its task to guarantee the quality of currency in circulation, the Banque de France steers and oversees all activities relating to the maintenance and recycling of coins and banknotes
The Banque de France organises ad-hoc working groups with representatives of commercial banks and cash-in-transit firms in order to tackle specific issues relating to cash activities. Between 2012 and 2014, for example, a “Packaging” working group developed the standards now used for depositing and collecting cash from Banque de France branches; another group is currently looking into ways of improving the shared IT application. As part of the industry modernisation, the Bank has also organised workshops to allow its partners to express their needs and ensure their time and budget constraints are taken into account.
Changes to the structure and regulation of the cash industry are regularly discussed at the CFONB (French Committee on the Standardisation and Organisation of the Banking Industry), by a working group run jointly by the Banque de France and a representative of the banking industry.
Lastly, a high-level group – the Cash Industry Steering Committee (CP2F) – was set up in 2014, chaired by the Banque de France’s Director General Cash Management and Branch Network Activities, and with the participation of the French Banking Federation, Fedesfi, USP Valeurs, the French Treasury, the heads of means of payment activities from the main banking networks, and managers of cash-in-transit firms. The committee meets twice a year, alongside a Cash Industry Monitoring Committee (CS2F), to examine projects underway and build a shared vision of the future.
In 2015, at the committee’s instigation, a study was conducted into the industry to assess the outlook for recycling and flow management strategies up to 2020 and beyond. In line with the other contributors, the Banque de France carried out an analysis to look at how the study’s findings could affect its cash centre modernisation plan.
The Banque de France is responsible for monitoring all cash sorting and recycling activities carried out by private operators
Updated on: 01/10/2017 11:47