There are several types of infrastructures which:
The French financial market infrastructure landscape which comprises a large-value payment system (TARGET2-BF), a retail payment system (CORE(FR)), a clearing system (LCH.Clearnet SA) and a securities settlement system (ESES France), has undergone far-reaching changes since 2007:
Transactions in all of the French infrastructures are settled in central bank money at the Banque de France.
For their communication needs, French financial market infrastructures use the services provided by SWIFT. Founded in 1973, SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative society under Belgian law that provides standardised and secure messaging services for interbank transfers to more than 7,500 financial institutions in over 200 countries. SWIFT ensures the non-repudiation of payments, with the company executing the equivalent of a notarial deed for all of the transactions carried out.
Cashless means of payment
In contrast to banknotes and coins, cashless means of payment are instruments that allow the transfer of funds held in accounts by credit institutions, equivalent institutions (the Caisse des dépôts et consignations, the Treasury, the Banque de France etc.) and payment institutions following the remittance of a payment order.
In France, intensive use is made of cashless means of payment, in particular payment cards, which are appreciated for their ease of use and the fact that they are widely accepted.
The forthcoming completion of the Single Euro Payments Area (SEPA) will bring far-reaching changes to the retail payment market in France and Europe. SEPA will help to deepen European financial integration by providing the cash euro with its cashless counterpart. The resulting standardisation of means of payment will enhance the efficiency of payments and harmonise the processing of international and national payment orders.
Updated on: 08/11/2017 13:28