Electronic Processing of Debit Instruments

Home / Program 2007 / Electronic Processing of Debit Instruments

Description

The current regulatory framework does not allow either the digital presentation or the truncation of debit instruments. Pending a change in the law, banks have worked, as an interim solution, on a proposal to centralise at TransFond headquarters, the physical exchange of paper-debit instruments; Many in the banking industry feel that there would be great value in moving directly to a more lasting settlement in the presentation arrangements but different views exist among market participants as to what that “ultimate solution” should be.

Impact Drivers

Public: To improve the market infrastructure (payments system).
Private: Potential reduction in the costs of banking services for customers as a result of a more efficient payments infrastructure.

Economics

In 2005, about 7.5 million debit instruments were processed.

SPI Committee Involvement

Given the range of options presently under consideration, it is important to have a coordination mechanism among relevant banking system stakeholders (RBA, NBR and TransFond) to reach a shared opinion on a strategy in respect of checks processing and on attendant technical and legislative solutions and translate it in prompt legislative actions. Additional information on SPI Committee

Management

Gabriela Tudor	Project Owner (PO), RBA Vice President
Mirela Palade	Project Manager (PM), Transfond Deputy General Manager
Constantin Rotaru	Deputy Project Manager (DPM), Banca Comerciala Romana
Members
Mihail Meiu	Director, NACP
George Carabasan	Director, Alphabank Romania
Maria Sheikh-Ahmad	Director, Banca Romana Dezvoltare-GSG
Ruxandra Avram	Head of Department, National Bank of Romania
Ileana Velicu	Head of Department, Banca Comerciala Romana
Irina Zamfirescu	Advisor, Ministry of Public Finance

Terms of Reference

Regulatory Impact Assessment

SPI Committee Documents

SPI Committee Debit Instruments Report - July 25, 2007

SPI Committee Debit Instruments Recommendation Note- December 20, 2006
SPI Committee Debit Instruments Convergence Opinion- December 20, 2006

SPI Committee Enactment Correspondence

SPI Secretariat Note to the Ministry of Economy and Finance - September 28, 2007
Romanian Banking Association Board Decision Note- January 31, 2007
SPI Committee Follow-up Letter - January 9, 2007

Technical Documents

Decision Note Appendix I Processing Scheme - January 31 , 2007

Decision Note Appendix II PWG Technical Proposal - January 31 , 2007

Project Working Group Meeting Minutes

Seventh Meeting- April 4, 2007
Sixth Meeting- March 23, 2007
Fifth Meeting- March 16, 2007
Fourth Meeting- March 1, 2007
Third Meeting- February 23, 2007

Second Meeting- November 27,2006
First Meeting- November 10,2006

Press Coverage

Interview with Mr. Luigi Passamonti by Ziarul Financiar Newspaper - February 26, 2008