Central Credit Committee
Encyclopedia
The Central Credit Committee (German Zentraler Kreditausschuss / ZKA) is an industry association of the German banking industry. Its decisions are held normative for the national banking sector – either directly by interbank treaties or indirectly by preparing a corresponding ministerial or Bundesbank decision.
By indirection of these associations the Central Credit Committee represents 2300 financial institutions (2005). The Committee itself is no institution - it is neither registered nor does it have a postal address. Instead the formal location of the Committee is bound the committee presidency that changes annually rotating among the private banks, savings banks and cooperative banks association.
The Central Credit Committee resolves "common statements" (decided unanimously) representing the view of the German banking industry on a topic. The statements are published thereby influencing decisions of other instiutions like the Federal Financial Supervisory Authority (Germany), the Bundesbank or decision-making bodies of the European Union
. Publication and press releases are the main task of the presiding association.
Additionally the Central Credit Committee supervises joint committees of the German banking industry like the Central Competition Committee (Zentrale Wettbewerbsausschuss) or the Working Group on automatic teller machines.
(1999/2002) has made for a shift to make decisions on a European scale. As a consequence the European Committee for Banking Standards
(ECBS) was founded in December 1992 and the European Payments Council
(EPC) was created in summer 2002. These drive the development of the Single Euro Payments Area (SEPA) and the ZKA is supervising the EPC working groups by creating their own ZKA working groups mirroring the structure of the EPC.
Structure
The Central Credit Committee was founded in 1932 as a common interest group of the five federal interest groups that represent the financial sector in Germany. The five founding associations are- Bundesverband der Deutschen Volksbanken und RaiffeisenbankenBundesverband der Deutschen Volksbanken und RaiffeisenbankenThe Bundesverband der Deutschen Volksbanken und Raiffeisenbanken is the association of co-operative banks in Germany...
(Federal Association of German 'Volksbanken und Raiffeisenbanken' Co-operative Banks - the credit unions) - Bundesverband deutscher BankenBundesverband deutscher BankenThe Bundesverband deutscher Banken is the association of private banks in Germany. In the traditional pillar system of the German banking industry this represents all banks that have evolved from merchant banks unlike the co-operative branch or regional state banks...
(Federal Association of German Banks - the private banks) - Bundesverband Öffentlicher Banken DeutschlandsBundesverband Öffentlicher Banken DeutschlandsThe Bundesverband Öffentlicher Banken Deutschlands is the association of national and regional state banks. It assembles 62 financial institutes representing the German public bank branch of the banking industry...
(Federal Association of Public Banks in Germany - the regional / state banks) - Deutscher Sparkassen- und GiroverbandDeutscher Sparkassen- und GiroverbandDeutscher Sparkassen- und Giroverband is the German association of saving banks. It was founded in 1924 by the merger of Deutscher Sparkassenverband and Deutscher Zentral-Giroverband. The headquarter is located in Berlin since 1999, having previously been located in Bonn.-Presidents:*Ernst...
(German Association of Giro and Savings Banks) - Verband deutscher Pfandbriefbanken (Association of German Bond Banks)
By indirection of these associations the Central Credit Committee represents 2300 financial institutions (2005). The Committee itself is no institution - it is neither registered nor does it have a postal address. Instead the formal location of the Committee is bound the committee presidency that changes annually rotating among the private banks, savings banks and cooperative banks association.
The Central Credit Committee resolves "common statements" (decided unanimously) representing the view of the German banking industry on a topic. The statements are published thereby influencing decisions of other instiutions like the Federal Financial Supervisory Authority (Germany), the Bundesbank or decision-making bodies of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
. Publication and press releases are the main task of the presiding association.
Additionally the Central Credit Committee supervises joint committees of the German banking industry like the Central Competition Committee (Zentrale Wettbewerbsausschuss) or the Working Group on automatic teller machines.
Standards in Electronic Banking
The Central Credit Committee has created the standards in electronic banking which are resolved by proposing agreements ("Abkommen") that are joined by the banking institutions. Banking institutions that are members of one of the associations in the ZKA are naturally bound to join these.- Abkommen über die Datenfernübertragung zwischen Kunden und Kreditinstituten (DFÜ-Abkommen / RDTRemote data transmissionRemote data transmission was a term used in the 1980s, primarily in Germany, for the transmission of data between computers over a medium using a communications protocol. At the time, the most widespread form was RDT over the telephone network....
agreement - includes the EBICS protocol) - Vereinbarung über den beleglosen Datenaustausch in der zwischenbetrieblichen Abwicklung des Inlandszahlungsverkehrs (Clearingabkommen / clearingClearing (finance)In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction....
agreement) - Vereinbarung über die Richtlinien für einheitliche Zahlungsverkehrsvordrucke (payment blank form guidelines)
- Homebanking-Abkommen (online bankingOnline bankingOnline banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
agreement - includes the HBCI protocol) - Abkommen zum Überweisungsverkehr (direct credit transferWire transferWire transfer or credit transfer is a method of electronic funds transfer from one person or institution to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office...
agreement) - Abkommen über den Einzug von Schecks (Scheckabkommen / chequeChequeA cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
agreement) - Abkommen über den Einzug von Reiseschecks (Reisescheckabkommen / travellers cheque agreement)
- Abkommen über den Lastschriftverkehr (Lastschriftabkommen / direct debitDirect debitA direct debit or direct withdrawal is an instruction that a bank account holder gives to his or her bank to collect an amount directly from another account. It is similar to a direct deposit but initiated by the beneficiary...
transfer agreement) - Abkommen über den Einzug von Wechseln und die Rückgabe nicht eingelöster und zurückgerufener Wechsel (Wechselabkommen / promissory notePromissory noteA promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
s agreement) - Vereinbarung über das eurocheque-System (arrangement on the eurochequeEurochequeThe Eurocheque was a type of cheque used in Europe that was accepted across national borders and which could be written in a variety of currencies....
system - practically defunct since 2002) - Vereinbarung über die Absicherung der ec-PIN (arrangement on the eurochequeEurochequeThe Eurocheque was a type of cheque used in Europe that was accepted across national borders and which could be written in a variety of currencies....
debit cardDebit cardA debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
safety - later maestro debit cardMaestro (debit card)Maestro is a multi-national debit card service owned by MasterCard, and was founded in 1990. Maestro cards are obtained from associate banks and can be linked to the card holder's current account, or they can be prepaid cards...
) - Vereinbarung über das deutsche ec-Geldautomaten-System (arrangement on the eurochequeEurochequeThe Eurocheque was a type of cheque used in Europe that was accepted across national borders and which could be written in a variety of currencies....
cash machineCash Machine"Cash Machine" is the debut single by English indie rock band Hard-Fi, taken from their debut album Stars of CCTV. It was originally released on 24 January 2005, where it was ineligible in the UK Singles Chart due to the inclusion of a sticker...
system - later called GirocardGirocardGirocard is an interbank network and debit card service connecting virtually all German ATMs and banks. It is based on standards and agreements developed by Central Credit Committee....
service) - Vereinbarung über die Festsetzung einer Höchstgebühr für die Benutzung der institutsübergreifenden Geldautomaten (arrangement on the maximum fees for interbank networkInterbank networkAn interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
cash machines) - Vereinbarung über ein institutsübergreifendes System zur bargeldlosen Zahlung an automatisierten Kassen (electronic-cash-System / arrangement on the electronic cashElectronic cashElectronic cash is the debit card system of the German Central Credit Committee, the association which represents the top German financial interest groups. Usually paired with a checking account, cards with an Electronic Cash logo are only handed out by proper credit institutions...
systems) - Vereinbarung zum POZ-System (arrangement on point of salePoint of salePoint of sale or checkout is the location where a transaction occurs...
delayed debit systems) - Vereinbarung über das institutsübergreifende System „GeldKarte” (arrangement on the „GeldKarteGeldkarteGeldkarte is a Stored-value card or electronic cash system used in Germany. It operates as an offline smart card for small payment at things like vending machines and to pay for public transport or parking tickets. The card is pre-paid and funds are loaded onto the card using ATMs or dedicated...
” stored-value cardStored-value cardA stored-value card refers to monetary value on a card not in an externally recorded account and differs from prepaid cards where money is on deposit with the issuer similar to a debit card...
system)
European Economic Area
The creation of the single market of the European Union (1993) and the introduction of the EurozoneEurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
(1999/2002) has made for a shift to make decisions on a European scale. As a consequence the European Committee for Banking Standards
European Committee for Banking Standards
The European Committee for Banking Standards was formed in December 1992 by leading European banking associations to enhance the European technical banking infrastructure by developing standards...
(ECBS) was founded in December 1992 and the European Payments Council
European Payments Council
The European Payments Council was founded in 2002. It calls itself "the decision-making and coordination body of the European banking industry in relation to payments". The main task of the EPC is the development of the Single Euro Payment Area. The 74 members are banks and banking associations....
(EPC) was created in summer 2002. These drive the development of the Single Euro Payments Area (SEPA) and the ZKA is supervising the EPC working groups by creating their own ZKA working groups mirroring the structure of the EPC.