EBA Clearing Banks Get Ready for SEPA
EBA Clearing has announced that 103 banks are currently participating in a testing program it offers in the STEP2 pan-European ACH (PE-ACH) platform. Among the testing participants are all the major banks in Europe, as well as a broad sample of small and medium-sized banks. The purpose of the STEP2 SEPA testing program is to allow banks and their customers to exchange and settle payments on the platform with each other, thereby fulfilling ‘Self Assessment Level 4’ for end-to-end testing, which is the highest level under the EPC SEPA testing framework. It also allows the STEP2 user community to demonstrate that the software, networks, operation and business practices work in an environment that is as near to live operation as possible. The SCT Service on the STEP2 platform offers financial institutions an interbank processing service which will route, deliver, clear and settle SEPA Credit Transfers to all adhering banks in SEPA, in a secure and reliable framework that is compliant with the EPC Rulebook and Implementation Guidelines, as well as the CSM Framework, using standard banking interfaces and global ISO XML standards.