Introduction to Account Statement in CFONB Format

CFONB 120 is a French standard for the generation of electronic statements. These standards are published by the Committee for Banking Organization and Standardization in France. According to these standards, the 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 that gets generated only if the transaction narration exceeds 31 characters.
• Closing balance: Has the record identifier 07.

The benefits of this functionality are:

• 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 the subscription of statements.