Meet Xavier Mendiboure, ‘Payment Systems and Methods’ Task-force Director at the ‘Comité Français d’Organisation et de Normalisation Bancaires’ (CFONB – the body responsible for banking standardisation in France).
Within the AMAF (Monegasque Financial Activities Association), you collaborate with the working group on payment methods…
That’s correct. My encounter with AMAF dates back to 2010 in the CFONB, which AMAF joined. We hold regular meetings alternately in Monaco and Paris - in Monaco during the AMAF ‘Payment Methods’ working group plenary sessions, and in Paris the day before or the day of French National SEPA Committee meetings.
These meetings have many topics…
Indeed. These meetings are an occasion to cover topical subjects on payment methods, including SEPA (Single Euro Payments Area). As you know, the latter is a European-wide project, which by creating a unique range of payment methods, allows all payments to be made in a uniform manner in euro, whether for domestic or cross-border operations. But we also discuss many regulatory or prescriptive news items relating to the different payment methods.
Could you cite some specific topics?
Payment systems and methods are an important - but little highlighted - activity. Security of payment methods is fundamental, as the use of a payment method is based strictly on its users’ trust. Behind this founding principle, banks are working together closely and with the Bank of France in particular, to establish standards and norms on a very broad range of topics, such as the reporting required by the Bank of France, the use of cheques, the ‘cash’ chain, BIC and IBAN references for payment exchanges, fraud, and money laundering prevention – and this list is far from complete.
By 1 February 2014, Monegasque businesses need to have taken the impact of migration to the SEPA system into account.
Indeed, and that is why we have been in a much more operational phase since the beginning of 2013. We have many discussions on how to perform the various interbank exchanges. This is an area for specialists.
What is your view of the development and activity of the payment methods working group in Monaco?
This working group demonstrates a very strong interest and great perspicacity. Its exchanges are precise and the dossiers managed to perfection. The bank employees demonstrate great expertise and genuine concern that the implementation of SEPA not be an issue for customers: all aspects of the project are considered in order that businesses can make bank transfers and can optimise the payment of their employees. The Monaco team is even ahead in some areas. Information flows well. One example is the implementation of the SEPA system in Monaco car parks, a large issuing body.
The team’s level of activity is fully in line with the other CFONB groups’ type of activity. We really appreciate seeing how well the Monaco members know their subject. When expertise is high, there is genuine sharing, debate and analysis. The exchanges are real and the contributions mutual; this is a very pleasant situation.
