More NewsEBA Clearing’s SEPA Credit Transfer Service Experiences Rapid Growth

EBA Clearing's SEPA Credit Transfer Service Experiences Rapid Growth

The EBA Clearing Company has announced that the SEPA Credit Transfer (SCT) Service on its pan-European automated clearing house (PE-ACH) platform STEP2 attracted 37% more payments from January to April 2010 and broke the mark of 800,000 payments processed in one day on 3 May.

“We are very pleased to see such an impressive increase in STEP2 SCT volumes, which shows that payment users and providers are truly starting to make SEPA happen by stepping up their usage of the SCT instrument,” said John Broxis, director, STEP2 services at EBA Clearing. “One of the reasons for the rise in STEP2 SCT transactions is that corporate customers as well as public administrations across Europe are beginning to adopt the SCT formats, not just for their cross-border traffic, but also domestically. In this respect, we expect SCT numbers to continue to significantly grow in the second half of 2010.”

At the end of March 2009, STEP2 processed 280,000 SCTs per day. Six months later, daily SCT volumes stood at 370,000, and 12 months later, in March this year, the PE-ACH platform handled nearly 600,000 SCT payments per day. In several countries, SCT transaction figures have started to grow exponentially: Italian SCT volumes sent via STEP2 doubled from February to March and payments from Finland even tripled over the same period.

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