Banque du Liban - Committees: The Committee of Banking Information Technologies (COBIT)

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Banque du Liban - Committees

The Committee of Banking Information Technologies

In accordance with Article 174 of the Code of Money and Credit, a special committee was formed by the Central Bank and the Association of Banks in Lebanon for improving, with the help of new technologies, the efficiency of the Lebanese banking system and the standardization of its activities.

The Committee for Banking Technologies is composed of:

The first Vice Governor	President
The fourth Vice Governor	Vice President
The Director of Legal Affairs Department	Member
The Director of Information Technology Department	Member
Two representatives from the Association of Banks in Lebanon	Members
The General Secretary of the Association of Banks in Lebanon	Member

main Functions of the Committee

The main functions of this Committee are:

	to study new banking technologies and plan for their implementation;
	to examine methods for developing the Exchange and Payment Systems in Lebanon (Cheques, Cards, ATMs...);
	to consider the adoption of new techniques regarding the work of the financial and secondary markets;
	to prepare a study on the setting up of a special communication network that would directly link all banks operating in Lebanon;
	to extend the use of the S.W.I.F.T. system to include new services; and
	to prepare training programs for the staff involved in those activities.

Among the most important achievements of the Committee was the automation of the cheque handling process through a system of standardization and encoding.