Frontrunner banks to deliver request to pay proof of concept with EBA CLEARING’s R2P Service By Tayo Joseph | June 15, 2023 The PoC will showcase how PSPs can adopt R2P and create value around request to pay Seven multinational banks have joined forces for this deliverable and would welcome additional participants EBA CLEARING announced today that, together with seven multinational banks, the Company has kicked off preparations for a pan-European request to pay proof of concept… Read More
EBA CLEARING to enrich RT1 and STEP2 with fraud prevention and detection capabilities By Tayo Joseph | March 22, 2023 • The comprehensive solution will add insights from a central system view to the fraud-fighting efforts of STEP2 and RT1 users • The new capabilities will include a pan-European IBAN/name check by November 2023 EBA CLEARING announced today that it will enrich its SEPA payment systems, RT1 and STEP2, with fraud prevention and detection capabilities… Read More
Large-value payment system EURO1 successfully migrates to ISO 20022 By Tayo Joseph | March 21, 2023 • The move completes the EURO1 future positioning programme, readying the RTGS-equivalent system for the ISO 20022 era • EURO1 participants now benefit from this data-rich standard and extended opening hours, and can continue to leverage the liquidity efficiency EBA CLEARING announced today that its systemically important payment system EURO1 has successfully migrated to ISO… Read More
Europe’s leading pan-European instant payment service RT1 turns five By Tayo Joseph | November 21, 2022 • RT1 is well-positioned to help PSPs meet instant payment requirements and adoption timelines proposed by the European Commission • The service is also ready to support its users in leveraging instant payments for innovative user solutions as envisaged in the Regulation proposal EBA CLEARING’s instant payment service RT1 has been in the forefront of… Read More
Immediate Cross-Border Payments (IXB) Pilot Set to Revolutionise International Payments By Tayo Joseph | October 6, 2022 First participants are preparing to exchange cross-border instant payments as part of a live pilot with financial institutions in the United States and Europe. The pilot will leverage the real-time payment systems, RTP® and RT1, the IXB solution and key SWIFT components for transactions in the euro and U.S. dollar currency corridor. EBA CLEARING, The… Read More
STEP2 community successfully completes migration to continuous gross settlement By Tayo Joseph | July 12, 2022 This move will help banks across Europe to shorten end-to-end processing timelines for SEPA payments from hours to minutes Today, the participants in EBA CLEARING’s pan-European euro mass payment system, STEP2, successfully concluded the migration to the new continuous gross settlement (CGS) mechanism. With this achievement, the STEP2 user community has completed the groundwork for… Read More
EBA CLEARING, SWIFT and The Clearing House to deliver pilot service for immediate cross-border payments By Tayo Joseph | April 28, 2022 Taking the next step towards faster cross-border payments, banks from both sides of the Atlantic are preparing to exchange payments across TCH’s and EBA CLEARING’s real-time payment systems. EBA CLEARING, SWIFT and The Clearing House (TCH) announced today that they plan to launch a pilot service for immediate cross-border (IXB) payments with the support of… Read More
STEP2 to process payments within minutes and around the clock By Tayo Joseph | January 18, 2022 From November 2022, EBA CLEARING’s pan-European mass payment system will be upgraded to process SEPA transactions around the clock, seven days a week, and to provide settlement results to participating banks in minutes. The planned upgrade will enable STEP2 participants to shorten end-to-end processing timelines for retail payments in euro from hours to minutes, for… Read More
EBA CLEARING successfully completes migration of RT1 technical account to TIPS By Tayo Joseph | December 13, 2021 RT1 community and EBA CLEARING are first movers implementing Eurosystem measures for euro instant payments EBA CLEARING announced today the successful migration of the RT1 technical account from TARGET2 to TIPS. The live activation for the RT1 community – over 2,500 payment service providers in 25 countries – took place on 10 December 2021 as… Read More
EBA CLEARING, SWIFT and The Clearing House join forces to speed up and enhance cross-border payments By Tayo Joseph | October 11, 2021 Banks from both sides of the Atlantic have successfully exchanged payment messages for a faster cross-border payment as part of a proof of concept demonstrating the feasibility of synchronizing settlement across existing instant payment systems in one of the world’s largest currency corridors. With the support of banks from both sides of the Atlantic, EBA… Read More