EBA CLEARING’s STEP2 platform enhanced for SEPA credit transfers

EBA CLEARING has added an enhanced extended remittance information service on its pan-European automated clearing house platform STEP2. The new service, launched April 11, supports the inclusion of up to 999 structured invoice and credit note references in a single euro payments area (SEPA) credit transfer (SCT).

The service responds to corporate requests for a further increase of the amount of structured remittance data that can be included in a SEPA transaction. It supports the bundling of a large number of invoices and credit notes in one payment and easy reconciliation at the level of the corporate receiving the transaction.

This additional optional service (AOS), registered as AOS2 by the Finnish community with the European Payments Council (EPC), is available to any STEP2 user wishing to offer the service to its customers. The service was already activated by eight STEP2 participant banks on the launch date and will be rolled out by five more financial institutions to their customers in the near future.

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