Introduction to Account Statement in CFONB Format

CFONB 120 is a French standard for generation of electronic statements. These standards are published by the Committee for Banking Organization and Standardization in France. According to these standards, account statement is generated in a predefined format consisting of specific details like opening balance, transaction details, narration details and closing balance.

This standard is used in France as well as in some countries (erstwhile French colonies) in Africa that have their regulations largely influenced by the French.

The components of the AFB120 statement are indicated below

• Opening balance: Has the record identifier “01”.
• Transaction record: Has the record identifier “04”.
• Narration record: Has the record identifier “05”. This is a conditional record which gets generated only if the transaction narration exceeds 31 characters
• Closing balance: Has the record identifier “07”.

Benefits of the Account Statement in CFONB format functionality:

• Customers can subscribe for electronic statements confirming to AFB120 standards.
• Statement generation frequency can be customised.
• Adhoc generation of statements based on the customer request.
• Customers can be charged with a nominal fee for subscription of statements.