PRESS RELEASE Paris and Vienna, 15th September 2008
STEP2 SCT to offer night-time settlement from December 2008
EBA CLEARING starts testing of STEP2 SCT settlement in TARGET2 on
multilateral net basis
EBA CLEARING announced today that its PE-ACH platform STEP2 will be the first
Clearing and Settlement Mechanism to offer its users night-time settlement of SEPA
payments in TARGET2. TARGET2 acceptance testing of the new settlement model starts
on 24th September 2008. Participants in the STEP2 SEPA Credit Transfer (SCT) Service
will be able to take advantage of the optional night-time processing and settlement cycle
from 8th December 2008 on. The new cycle is open for sending from 13:00 CET on D-1 to
01:00 on D with settlement taking place at 01:30 and output file delivery starting at 02:00.
“With the implementation of a night-time cycle for the STEP2 SEPA Services, we respond
to our users’ requirement for STEP2 file delivery in the early hours of the morning,” said
José Beltrán, Director of STEP2 Services at EBA CLEARING. “The new cycle facilitates
early application of funds to customer accounts and, at the same time, ensures that the
secure principle of settlement before delivery of files is maintained.”
The introduction of a night-time processing cycle with settlement in TARGET2 has been
made possible by the implementation of a new Multilateral Netting Module (MNM), which
will serve as an interface between the STEP2 platform and the TARGET2 Ancillary
System Interface (ASI). The MNM was developed by EBA CLEARING in co-operation with
SWIFT in order to facilitate the exchange of SEPA Credit Transfer – and later also SEPA
Direct Debit – settlement transactions between the two systems and to derive net
settlement amounts from the individual bilateral gross obligations generated by the
The new settlement model in TARGET2 will also be applied to the morning and afternoon
cycles currently in place for the STEP2 SCT Service. While the two day-time cycles will
settle through ASI4, the settlement of the night-time cycle will take place via ASI6. By
offering settlement of its STEP2 SEPA Services in TARGET2 on a multilateral net basis,
EBA CLEARING prepares its Pan-European ACH for the growing volumes to be
processed via the SEPA instruments by a larger user base in the upcoming years. The
new settlement solution provides greater efficiency of liquidity and more flexibility to
existing users as well as open access to the wider community of institutions wishing to be
connected to the STEP2 SEPA Services.
Besides responding to key business requirements of the STEP2 SCT Participants, the
new enhancements will also ensure that STEP2 SCT will comply ahead of the time with
the major additional requirements of version 3.2 of the SCT Scheme Rulebook, which will
become applicable on 2nd February 2009.
Daniel Szmukler, Tel: +33 6 73 74 75 53 (email@example.com)
Annick Moes, Tel: +49 69 75 61 49 20 (firstname.lastname@example.org)
About EBA CLEARING
EBA CLEARING, www.ebaclearing.eu, is the leading private provider of euro clearing
services. The company was established in May 1998 and currently has 68 shareholders.
Over 300 banks throughout Europe are direct users of the payment systems and services
offered by EBA CLEARING.
EBA CLEARING owns and operates EURO1, a clearing and settlement system for large-
value euro payments, as well as STEP1, a payment system for commercial euro
payments, and STEP2, which serves the banking industry as Pan-European Automated
Clearing House (PE-ACH) with payments distribution capability to all adhering banks
across the 31 countries in SEPA.
EBA CLEARING has implemented both SEPA Credit Transfer and SEPA Direct Debit
Services on the STEP2 platform.
The STEP2 SEPA Credit Transfer (SCT) Service went live on 28th January 2008, the
official launch date of the SEPA Credit Transfer Scheme. In August 2008, it distributed on
average over 185,000 payments a day. The service currently reaches 113 Direct
Participants and 3,967 Indirect Participant BICs representing more than 4,350 financial
institutions across all 31 SEPA countries. This means that STEP2 SCT presently covers
more than 97 percent of those institutions that have signed the EPC SCT Scheme
The STEP2 SEPA Direct Debit (SDD) Service was developed in 2007 in accordance with
the EPC Rulebook version 2.3 and Implementation Guidelines, has been fully
implemented and tested by major institutions in SEPA and is currently available in a test
environment. During the next few months, the STEP2 SDD Service will be enhanced to
integrate changes in the latest version of the EPC SEPA SDD Rulebook and the EPC
SEPA B2B Debits Rulebook version 1.1. Both of these services will be available in a test
environment from April 2009 to allow financial institutions sufficient time to make the
readiness preparations ahead of the expected live date of 2nd November 2009.