Jump to content

EBA Clearing: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
Added London
Tags: Mobile edit Mobile web edit
AnomieBOT (talk | contribs)
Bots
6,570,982 edits
m Dating maintenance tags: {{Cn}}
 
(14 intermediate revisions by 4 users not shown)
Line 1: Line 1:
{{short description|Financial infrastructure company}}
{{distinguish|European Banking Authority}}
{{distinguish|Euro Banking Association|European Banking Authority}}
{{infobox company
{{infobox company
| name = EBA Clearing S.A.S
| name = EBA Clearing S.A.S
Line 19: Line 20:
| homepage = {{URL |https://www.ebaclearing.eu/}}
| homepage = {{URL |https://www.ebaclearing.eu/}}
}}
}}
'''EBA Clearing''' is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks.
'''EBA Clearing''' is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks. It derives its name from the [[Euro Banking Association]] which was instrumental in its establishment in June 1998, but has always been a separate organization.<ref>{{cite web |website=EBA Clearing |url=https://www.ebaclearing.eu/about-us/at-a-glance/the-company/ |access-date={{date|2024-12-25}} |title=The Company: Who we are}}</ref>


It owns and operates major payment infrastructure in Europe for Euro payments between banks. This includes [[#EURO1|EURO1]] for high value payments system, [[#STEP1|STEP1]], a payment system for single euro payments for small and medium-sized banks, and [[#STEP2|STEP2]], a [[pan-European automated clearing house]] (PE-ACH). It also operates the [[#RT1|RT1]] system for instant payments launched in November 2017.<ref>{{cite news |url=https://www.finextra.com/pressarticle/71059/swiftnet-instant-to-provide-access-to-eba-clearings-rt1-system |title=SwiftNet Instant to provide access to EBA Clearing’s RT1 system |publisher=FinExtra |date=October 20, 2017}}</ref><ref>{{cite news |first=Kimberley |last=Long |date= July 28, 2016 |url=https://www.euromoney.com/article/b12kpl5cdh8fms/competition-questions-arise-over-mastercards-vocalink-buy-out |title=Competition questions arise over MasterCard’s VocaLink buy-out |publisher=Euromoney}}</ref><ref>{{cite web|url=https://www.it-finanzmagazin.de/echtzeitzahlungen-ab-november-2018-swiftnet-instant-ermoeglicht-zugang-zum-rt1-system-von-eba-clearing-58599/ |title=Echtzeitzahlungen ab November 2018: SWIFTNet Instant gibt Zugang zum RT1-System von EBA Clearing |trans-title=Real-time payments in November 2018: SWIFTNet Instant gives access to EBA Clearing's RT1 system |date=11 October 2017 |publisher=IT Finanzmagazin}}</ref> Both EURO1 and STEP2 have been identified as Systemically Important Payment Systems (SIPS) by the [[European Central Bank]].<ref>{{cite web |url=https://www.ecb.europa.eu/press/pr/date/2014/html/pr140821.en.html |title=ECB identifies systemically important payments systems |date=21 August 2014 |website=European Central Bank}}</ref>
EBA Clearing owns and operates major payment infrastructure in Europe for Euro payments between banks, including '''EURO1''' for high value payments, '''STEP1''' for payments of small and medium-sized banks, '''STEP2-T''', a [[pan-European automated clearing house]] (PE-ACH), and '''RT1''' for [[instant payment]]s.<ref>{{cite news |url=https://www.finextra.com/pressarticle/71059/swiftnet-instant-to-provide-access-to-eba-clearings-rt1-system |title=SwiftNet Instant to provide access to EBA Clearing’s RT1 system |publisher=FinExtra |date=October 20, 2017}}</ref><ref>{{cite news |first=Kimberley |last=Long |date= July 28, 2016 |url=https://www.euromoney.com/article/b12kpl5cdh8fms/competition-questions-arise-over-mastercards-vocalink-buy-out |title=Competition questions arise over MasterCard’s VocaLink buy-out |publisher=Euromoney}}</ref><ref>{{cite web|url=https://www.it-finanzmagazin.de/echtzeitzahlungen-ab-november-2018-swiftnet-instant-ermoeglicht-zugang-zum-rt1-system-von-eba-clearing-58599/ |title=Echtzeitzahlungen ab November 2018: SWIFTNet Instant gibt Zugang zum RT1-System von EBA Clearing |trans-title=Real-time payments in November 2018: SWIFTNet Instant gives access to EBA Clearing's RT1 system |date=11 October 2017 |publisher=IT Finanzmagazin}}</ref> Both EURO1 and STEP2-T have been identified as [[Systemically Important Payment System]]s by the [[European Central Bank]] in 2014, together with [[TARGET2]] and [[STET-CORE|CORE(FR)]].<ref>{{cite web |url=https://www.ecb.europa.eu/press/pr/date/2014/html/pr140821.en.html |title=ECB identifies systemically important payments systems |date=21 August 2014 |website=European Central Bank}}</ref>


The organisation is based in [[Paris]] and has representative offices in [[Brussels]], [[Frankfurt]], [[Helsinki]], [[London]] and [[Milan]].
EBA Clearing is based in [[Paris]] and has representative offices in [[Brussels]], [[Frankfurt]], [[Helsinki]], [[London]] and [[Milan]]. Given their pan-European significance, both EURO1<ref>{{cite web |website=EBA Clearing |url=https://www.ebaclearing.eu/services/euro1/overview/ |access-date={{date|2024-12-26}} |title=A unique RTGS-equivalent large-value payment system}}</ref> and STEP2-T{{R|BdF|p=160}} are under direct oversight by the [[European Central Bank]].


==History==
==History==
⚫
EBA Clearing was founded in June 1998 by the [[Euro Banking Association]] (EBA) and is owned by the major payment banks operating in Europe.<ref name=":0">{{Cite web|url=https://www.ebaclearing.eu/about-eba-clearing/at-a-glance/the-company/|title=About EBA CLEARING|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref><ref>{{cite news |url=https://www.thepaypers.com/payments-general/eba-clearing-irish-payment-services-organisation-launch-step2-irish-service/745492-27 |title=EBA Clearing, Irish Payment Services Organisation launch STEP2 Irish service |date=October 12, 2011 |publisher=ThePaypers}}</ref>


⚫
The origin of EBA Clearing is work by the Legal Task Force of the [[Euro Banking Association]] (EBA), which in February 1997 started defining the legal basis for EURO1.<ref name=":0">{{Cite web|url=https://www.ebaclearing.eu/about-eba-clearing/at-a-glance/the-company/|title=About EBA CLEARING|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref><ref>{{cite news |url=https://www.thepaypers.com/payments-general/eba-clearing-irish-payment-services-organisation-launch-step2-irish-service/745492-27 |title=EBA Clearing, Irish Payment Services Organisation launch STEP2 Irish service |date=October 12, 2011 |publisher=ThePaypers}}</ref> Formally created in June 1998, its initial mission was to create and operate the EURO1 platform which went live on {{date|1999-1-4}}, the same day as [[TARGET Services|TARGET]].
Its initial mission was to create and operate the clearing and settlement system for high-value euro transactions, [[#EURO1|EURO1]], which the EBA had transferred to EBA Clearing at the launch of the [[Eurosystem]] in 1999. Besides EURO1, EBA Clearing also owns and operates [[#STEP1|STEP1]], a payment system for single euro payments for small and medium-sized banks, and [[#STEP2|STEP2]], a [[pan-European automated clearing house]] (PE-ACH) for Euro-denominated retail payments. In March 2013, EBA Clearing launched [[#MyBank|MyBank]], an e-authorisation solution for online payments, which is geared at facilitating the growth of e-commerce across Europe.<ref name=":0" />


In March 2013, EBA Clearing launched [[MyBank]], an e-authorisation solution for [[online payment]]s, which is geared at facilitating the growth of e-commerce across Europe.<ref name=":0" />
⚫
In 2016, banks from nine countries agreed to create RT1, EBA Clearing's pan-European infrastructure for [[instant payment]]s in Euro, The system went live in November 2017.<ref>{{cite news |url=https://ibsintelligence.com/eba-clearing-joined-coalition-banks-instant-payments/ |title=EBA Clearing joined by coalition of banks for instant payments |date=October 11, 2017 |publisher=IBS Intelligence }}</ref><ref>{{cite news |url=http://www.bankingtech.com/1033172/instant-payments-in-europe-moving-from-theory-to-practice/ |date=17 October 2017 |title=Instant payments in Europe: moving from theory to practice |publisher=Banking Technology }}</ref>

⚫
In 2016, banks from nine countries agreed to create RT1, EBA Clearing's pan-European infrastructure for [[instant payment]]s in Euro, The system went live in November 2017.<ref>{{cite news |url=https://ibsintelligence.com/eba-clearing-joined-coalition-banks-instant-payments/ |title=EBA Clearing joined by coalition of banks for instant payments |date=October 11, 2017 |publisher=IBS Intelligence |access-date=October 30, 2017 |archive-date=November 7, 2017 |archive-url=https://web.archive.org/web/20171107021728/https://ibsintelligence.com/eba-clearing-joined-coalition-banks-instant-payments/ |url-status=dead }}</ref><ref>{{cite news |url=http://www.bankingtech.com/1033172/instant-payments-in-europe-moving-from-theory-to-practice/ |date=17 October 2017 |title=Instant payments in Europe: moving from theory to practice |publisher=Banking Technology |access-date=4 November 2017 |archive-date=7 November 2017 |archive-url=https://web.archive.org/web/20171107021839/http://www.bankingtech.com/1033172/instant-payments-in-europe-moving-from-theory-to-practice/ |url-status=dead }}</ref>


==Payment systems==
==Payment systems==


=== EURO1 ===
=== EURO1 ===
EURO1 is a large-value deferred [[net settlement]] (DNS) payment system, owned and operated by EBA Clearing, with a real-time finality concept that reduces but does not eliminate [[settlement risk]].<ref name=BdF>{{citation |title=Payments and market infrastructures in the digital era |publisher=Banque de France |date=2018 |url=https://www.banque-france.fr/system/files/2023-04/payments_market.pdf}}</ref>{{rp|123}} EURO1 settles transactions of high priority and urgency, and primarily of large amount, albeit typically those with lesser urgency and lesser amount than is the case on the [[T2 (settlement system)|T2]] platform operated by the [[Eurosystem]] which also has a different cost structure.{{R|BdF|p=127}}
⚫
EURO1 is a [[Real-time gross settlement|RTGS-equivalent]] large-value payment system that settles single Euro transactions of high priority and urgency, and primarily of large amount. EURO1 operates on a multilateral net basis, meaning that it continuously adjusts the accounts of the participant banks as they make payments for each other's customers. Payments are settled in real time with finality. EURO1<ref>{{Cite web |url=https://www.ebaclearing.eu/services/euro1/overview/|title=EURO1|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> The system is owned and operated by EBA Clearing. It is open to banks that have a registered address or branch in the [[European Union]] and fulfil a number of additional requirements. EURO1 is subject to German law (current account principle/single obligation structure) and is based on a messaging and IT infrastructure provided by [[SWIFT]].

⚫
EURO1 operates on a multilateral net basis, meaning that it continuously adjusts the accounts of the participant banks as they make payments for each other's customers. Payments are settled in real time with finality.<ref>{{Cite web |url=https://www.ebaclearing.eu/services/euro1/overview/ |title=EURO1 |website=www.ebaclearing.eu |language=en|access-date=2017-06-21}}</ref>

EURO1 is open to banks that have a registered address or branch in the [[European Union]] and fulfil a number of additional requirements, including membership in the [[Euro Banking Association]].{{R|BdF|p=124}} It is subject to German law (current account principle/single obligation structure) and is based on a messaging and IT infrastructure provided by [[SWIFT]].


=== STEP1 ===
=== STEP1 ===
Since 2000, EBA Clearing has been offering a payment service named STEP1<ref>{{Cite web |url=https://www.ebaclearing.eu/services/step1/overview/ |title=STEP1|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> for small and medium-sized banks for single euro payments of high priority and urgency. The technical infrastructure is the same as that of the EURO1 system, both use the messaging and IT infrastructure of SWIFT.
STEP1 is a payment service of EBA Clearing that started in 2000.<ref>{{Cite web |url=https://www.ebaclearing.eu/services/step1/overview/ |title=STEP1|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> It is aimed at small and medium-sized banks for single euro payments of high priority and urgency. The technical infrastructure is the same as that of the EURO1 system, both use the messaging and IT infrastructure of SWIFT.


=== STEP2 ===
=== STEP2 ===
STEP2 was put into operation in 2003 with Italian [[payment system]] provider [[SIA S.p.A.]] It processes mass payments in [[euro]]s. STEP2 is a [[pan-European automated clearing house]] (PE-ACH).<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-t-platform/overview/|title=STEP2-T Platform|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> This means that it complies with the principles set by the [[European Payments Council]] (EPC) for a PE-ACH Compliant Clearing and Settlement System.
STEP2 was put into operation in 2003 in partnership with Italian [[payment system]] provider [[SIA S.p.A.]] It processes mass payments in [[euro]]s. Specifically, the umbrella STEP2 system (known as STEP2-T) comprises three [[Single Euro Payments Area]] (SEPA) services: SEPA Credit Transfer (STEP2 SCT), SEPA Direct Debit Core (STEP2 SDD Core), and SEPA Direct Debit Business-to-Business (STEP2 SDD B2B).<ref>{{cite web |website=EBA Clearing |url=https://www.ebaclearing.eu/services/step2-t-system/step2-t-pricing/ |access-date={{date|2024-12-26}} |title=STEP2-T pricing}}</ref>


From the beginning of [[Single Euro Payments Area]] (SEPA) on 28 January 2008, STEP2 has been offering SEPA Credit Transfer processing services across all SEPA countries.<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sct/overview/|title=SEPA Credit Transfer (SCT) Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref>
STEP2-T is a [[pan-European automated clearing house]] (PE-ACH),<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-t-platform/overview/|title=STEP2-T Platform|website=www.ebaclearing.eu|language=en|access-date=2017-06-21|archive-date=2017-09-16|archive-url=https://web.archive.org/web/20170916131830/https://www.ebaclearing.eu/services/step2-t-platform/overview/|url-status=dead}}</ref> meaning that it complies with the corresponding principles set by the [[European Payments Council]] (EPC).


Since 2 November 2009, the transposition date of the [[Payment Services Directive]], EBA Clearing has been processing SEPA Direct Debits with its STEP2 SDD Core<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sdd-core/overview/|title=STEP2 SDD Core Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> and STEP2 [[SEPA Direct Debit]] ("[[Business-to-business|Business to Business]]")<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sdd-b2b/overview/|title=SEPA Direct Debit ("Business to Business") Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> services.
The STEP2 SCT service has been available from the beginning of SEPA on 28 January 2008 across all SEPA countries.<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sct/overview/|title=SEPA Credit Transfer (SCT) Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> The STEP2 SDD Core service started on 2 November 2009, the transposition date of the [[Payment Services Directive]],<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sdd-core/overview/|title=STEP2 SDD Core Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref> as well as STEP2 SDD B2B.<ref>{{Cite web|url=https://www.ebaclearing.eu/services/step2-sdd-b2b/overview/|title=SEPA Direct Debit ("Business to Business") Service|website=www.ebaclearing.eu|language=en|access-date=2017-06-21}}</ref><ref>{{cite news |first=Paul |last=Golden |date=April 23, 2015 |url=https://www.euromoney.com/article/b1321vvm42d0lg/cash-management-debate-sepa-a-new-model-for-europe |title=Cash management debate: SEPA: A new model for Europe?|website=Euromoney}}</ref> The STEP2-T platform reaches nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the EPC.{{cn|date=December 2024}} By the early 2020s, STEP2-T had become the leading retail payment system in the euro area based on value.{{R|BdF|p=152}}

Through its SEPA Credit Transfer and Direct Debit offerings, STEP2 provides banks across Europe with one channel through which they can send and receive their SEPA Credit Transfers and SEPA Direct Debits.<ref>{{cite news |first=Paul |last=Golden |date=April 23, 2015 |url=https://www.euromoney.com/article/b1321vvm42d0lg/cash-management-debate-sepa-a-new-model-for-europe |title=Cash management debate: SEPA: A new model for Europe?|website=Euromoney}}</ref> The STEP2 platform reaches nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the [[European Payments Council]] (EPC).


=== MyBank ===
=== MyBank ===
MyBank is a pan-European e-authorisation and [[Online Banking ePayments]] that was launched in March 2013 by EBA Clearing. The solution enables customers across Europe to pay for their online purchases via their regular online or mobile banking environment without having to disclose confidential data to the merchant or other third parties. The solution can be used for authorising SEPA Credit Transfers as well as the creation of SDD mandates. At a later stage, MyBank may also be used for transactions in currencies other than euro or for e-identity services.
MyBank is a pan-European e-authorisation and [[Online Banking ePayments]] service that EBA Clearing launched in March 2013. The solution enables customers across Europe to pay for their online purchases via their regular online or mobile banking environment without having to disclose confidential data to the merchant or other third parties. The solution can be used for authorising SEPA Credit Transfers as well as the creation of SDD mandates. At a later stage, MyBank may also be used for transactions in currencies other than euro or for e-identity services.


Today, MyBank is owned and managed by PRETA S.A.S., a wholly owned subsidiary of EBA Clearing.<ref>{{Cite web|url=https://www.mybank.eu/mybank/preta-sas/|title=PRETA Sas - MyBank|website=www.mybank.eu|access-date=2017-01-06}}</ref>
MyBank is owned and managed by PRETA S.A.S., a wholly owned subsidiary of EBA Clearing.<ref>{{Cite web|url=https://www.mybank.eu/mybank/preta-sas/|title=PRETA Sas - MyBank|website=www.mybank.eu|access-date=2017-01-06|archive-date=2017-01-06|archive-url=https://web.archive.org/web/20170106102629/https://www.mybank.eu/mybank/preta-sas/|url-status=dead}}</ref>


=== RT1 ===
=== RT1 ===
RT1 is a pan-European [[instant payment]] system that provides the European payments industry with a pan-European infrastructure platform for real-time payments in euro under the [[Single_Euro_Payments_Area#SEPA Instant Credit Transfer|SEPA Instant Credit Transfer]] scheme. Launched on 21 November 2017, the RT1 fast payment system allows commercial banks to offer fast payments through this system to their customers throughout the Eurozone.<ref>{{cite news |first=Yuri |last=Kantsans |url=http://baltnews.lv/news/20171028/1021274777.html |title=Банк Латвии готовится к введению молниеносных платежей в европейском масштабе |trans-title=The Bank of Latvia is preparing to introduce lightning-fast payments on a European scale |date=28 October 2017 |publisher=[[Baltnews|baltnews.lv]]}}</ref>
RT1 is a pan-European [[instant payment]] system that provides the European payments industry with a pan-European infrastructure platform for real-time payments in euro under the [[Single_Euro_Payments_Area#SEPA Instant Credit Transfer|SEPA Instant Credit Transfer]] scheme. Launched on 21 November 2017, the RT1 fast payment system allows commercial banks to offer fast payments through this system to their customers throughout the Eurozone.<ref>{{cite news |first=Yuri |last=Kantsans |url=http://baltnews.lv/news/20171028/1021274777.html |title=Банк Латвии готовится к введению молниеносных платежей в европейском масштабе |trans-title=The Bank of Latvia is preparing to introduce lightning-fast payments on a European scale |date=28 October 2017 |publisher=[[Baltnews|baltnews.lv]] |access-date=6 November 2017 |archive-date=7 November 2017 |archive-url=https://web.archive.org/web/20171107032137/http://baltnews.lv/news/20171028/1021274777.html |url-status=dead }}</ref>

==Shareholders==
As of end-2024, the following banks were indicated as shareholders on the EBA Clearing website:<ref>{{cite web |website=EBA Clearing |url=https://www.ebaclearing.eu/about-us/corporate-governance/the-shareholders/ |access-date={{date|2024-12-26}} |title=The Shareholders}}</ref>

{{div col}}
* {{flagicon|Netherlands}} [[ABN AMRO]]
* {{flagicon|Ireland}} [[Allied Irish Banks]]
* {{flagicon|Italy}} [[Banca Monte dei Paschi di Siena]]
* {{flagicon|Spain}} [[Banco Bilbao Vizcaya Argentaria]]
* {{flagicon|Italy}} [[Banco BPM]]
* {{flagicon|Portugal}} [[Banco Comercial Português]]
* {{flagicon|Spain}} [[Banco Sabadell]]
* {{flagicon|Spain}} [[Banco Santander]]
* {{flagicon|Germany}} [[Bank of America|Bank of America Europe]]
* {{flagicon|Luxembourg}} [[Banque et Caisse d'Épargne de l'État]]
* {{flagicon|France}} [[Crédit Mutuel|Banque Fédérative du Crédit Mutuel]]
* {{flagicon|Luxembourg}} [[Banque Internationale à Luxembourg]]
* {{flagicon|UK}} [[Barclays]]
* {{flagicon|France}} [[BNP Paribas]]
* {{flagicon|France}} [[BPCE]]
* {{flagicon|Spain}} [[CaixaBank]]
* {{flagicon|UK}} [[Citibank|Citibank Europe]]
* {{flagicon|Germany}} [[Commerzbank]]
* {{flagicon|France}} [[Crédit Agricole Corporate and Investment Bank]]
* {{flagicon|Denmark}} [[Danske Bank]]
* {{flagicon|Germany}} [[Deutsche Bank]]
* {{flagicon|Norway}} [[DNB ASA]]
* {{flagicon|Germany}} [[DZ Bank]]
* {{flagicon|Austria}} [[Erste Group Bank]]
* {{flagicon|France}} [[HSBC Continental Europe]]
* {{flagicon|Netherlands}} [[ING Bank]]
* {{flagicon|Italy}} [[Intesa Sanpaolo]]
* {{flagicon|Germany}} [[JPMorgan Chase|JPMorgan AG]]
* {{flagicon|Belgium}} [[KBC Bank]]
* {{flagicon|Germany}} [[Landesbank Baden-Württemberg]]
* {{flagicon|Germany}} [[Helaba|Landesbank Hessen-Thueringen]]
* {{flagicon|UK}} [[MUFG|MUFG Bank Ltd]]
* {{flagicon|Greece}} [[National Bank of Greece]]
* {{flagicon|UK}} [[National Westminster Bank]]
* {{flagicon|Finland}} [[Nordea]]
* {{flagicon|Portugal}} [[Novo Banco]]
* {{flagicon|Finland}} [[OP Financial Group|OP Corporate Bank]]
* {{flagicon|Hungary}} [[OTP Bank]]
* {{flagicon|Netherlands}} [[Rabobank]]
* {{flagicon|Austria}} [[Raiffeisen Bank International]]
* {{flagicon|Sweden}} [[Skandinaviska Enskilda Banken]]
* {{flagicon|France}} [[Société Générale]]
* {{flagicon|Germany}} [[Standard Chartered|Standard Chartered Bank AG]]
* {{flagicon|Sweden}} [[Svenska Handelsbanken]]
* {{flagicon|Sweden}} [[Swedbank]]
* {{flagicon|Switzerland}} [[UBS]]
* {{flagicon|Germany}} [[HypoVereinsbank|UniCredit Bank GmbH]]
* {{flagicon|Italy}} [[UniCredit]]
{{div col end}}


==See also==
* [[Clearing House Interbank Payments System]]


==References==
==References==
Line 66: Line 126:
[[Category:Banking in the European Union]]
[[Category:Banking in the European Union]]
[[Category:Business and finance professional associations]]
[[Category:Business and finance professional associations]]
[[Category:Payment networks]]

Latest revision as of 00:12, 27 December 2024

Not to be confused with Euro Banking Association or European Banking Authority.
EBA Clearing S.A.S
Company typeSociété par actions simplifiée
IndustryFinance
FoundedJune 1998 (1998-06)
FounderEuro Banking Association
Headquarters
Paris
,
France
ProductsClearing House, Payment service provider, Payment systems
Owner53 major European payment banks[1]
Websitewww.ebaclearing.eu

EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks. It derives its name from the Euro Banking Association which was instrumental in its establishment in June 1998, but has always been a separate organization.[2]

EBA Clearing owns and operates major payment infrastructure in Europe for Euro payments between banks, including EURO1 for high value payments, STEP1 for payments of small and medium-sized banks, STEP2-T, a pan-European automated clearing house (PE-ACH), and RT1 for instant payments.[3][4][5] Both EURO1 and STEP2-T have been identified as Systemically Important Payment Systems by the European Central Bank in 2014, together with TARGET2 and CORE(FR).[6]

EBA Clearing is based in Paris and has representative offices in Brussels, Frankfurt, Helsinki, London and Milan. Given their pan-European significance, both EURO1[7] and STEP2-T[8]: 160  are under direct oversight by the European Central Bank.

History

[edit]

The origin of EBA Clearing is work by the Legal Task Force of the Euro Banking Association (EBA), which in February 1997 started defining the legal basis for EURO1.[9][10] Formally created in June 1998, its initial mission was to create and operate the EURO1 platform which went live on 4 January 1999, the same day as TARGET.

In March 2013, EBA Clearing launched MyBank, an e-authorisation solution for online payments, which is geared at facilitating the growth of e-commerce across Europe.[9]

In 2016, banks from nine countries agreed to create RT1, EBA Clearing's pan-European infrastructure for instant payments in Euro, The system went live in November 2017.[11][12]

Payment systems

[edit]

EURO1

[edit]

EURO1 is a large-value deferred net settlement (DNS) payment system, owned and operated by EBA Clearing, with a real-time finality concept that reduces but does not eliminate settlement risk.[8]: 123  EURO1 settles transactions of high priority and urgency, and primarily of large amount, albeit typically those with lesser urgency and lesser amount than is the case on the T2 platform operated by the Eurosystem which also has a different cost structure.[8]: 127 

EURO1 operates on a multilateral net basis, meaning that it continuously adjusts the accounts of the participant banks as they make payments for each other's customers. Payments are settled in real time with finality.[13]

EURO1 is open to banks that have a registered address or branch in the European Union and fulfil a number of additional requirements, including membership in the Euro Banking Association.[8]: 124  It is subject to German law (current account principle/single obligation structure) and is based on a messaging and IT infrastructure provided by SWIFT.

STEP1

[edit]

STEP1 is a payment service of EBA Clearing that started in 2000.[14] It is aimed at small and medium-sized banks for single euro payments of high priority and urgency. The technical infrastructure is the same as that of the EURO1 system, both use the messaging and IT infrastructure of SWIFT.

STEP2

[edit]

STEP2 was put into operation in 2003 in partnership with Italian payment system provider SIA S.p.A. It processes mass payments in euros. Specifically, the umbrella STEP2 system (known as STEP2-T) comprises three Single Euro Payments Area (SEPA) services: SEPA Credit Transfer (STEP2 SCT), SEPA Direct Debit Core (STEP2 SDD Core), and SEPA Direct Debit Business-to-Business (STEP2 SDD B2B).[15]

STEP2-T is a pan-European automated clearing house (PE-ACH),[16] meaning that it complies with the corresponding principles set by the European Payments Council (EPC).

The STEP2 SCT service has been available from the beginning of SEPA on 28 January 2008 across all SEPA countries.[17] The STEP2 SDD Core service started on 2 November 2009, the transposition date of the Payment Services Directive,[18] as well as STEP2 SDD B2B.[19][20] The STEP2-T platform reaches nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the EPC.[citation needed] By the early 2020s, STEP2-T had become the leading retail payment system in the euro area based on value.[8]: 152 

MyBank

[edit]

MyBank is a pan-European e-authorisation and Online Banking ePayments service that EBA Clearing launched in March 2013. The solution enables customers across Europe to pay for their online purchases via their regular online or mobile banking environment without having to disclose confidential data to the merchant or other third parties. The solution can be used for authorising SEPA Credit Transfers as well as the creation of SDD mandates. At a later stage, MyBank may also be used for transactions in currencies other than euro or for e-identity services.

MyBank is owned and managed by PRETA S.A.S., a wholly owned subsidiary of EBA Clearing.[21]

RT1

[edit]

RT1 is a pan-European instant payment system that provides the European payments industry with a pan-European infrastructure platform for real-time payments in euro under the SEPA Instant Credit Transfer scheme. Launched on 21 November 2017, the RT1 fast payment system allows commercial banks to offer fast payments through this system to their customers throughout the Eurozone.[22]

Shareholders

[edit]

As of end-2024, the following banks were indicated as shareholders on the EBA Clearing website:[23]

See also

[edit]

References

[edit]
  1. ^ "Shareholder banks". EBA Clearing.
  2. ^ "The Company: Who we are". EBA Clearing. Retrieved 25 December 2024.
  3. ^ "SwiftNet Instant to provide access to EBA Clearing's RT1 system". FinExtra. October 20, 2017.
  4. ^ Long, Kimberley (July 28, 2016). "Competition questions arise over MasterCard's VocaLink buy-out". Euromoney.
  5. ^ "Echtzeitzahlungen ab November 2018: SWIFTNet Instant gibt Zugang zum RT1-System von EBA Clearing" [Real-time payments in November 2018: SWIFTNet Instant gives access to EBA Clearing's RT1 system]. IT Finanzmagazin. 11 October 2017.
  6. ^ "ECB identifies systemically important payments systems". European Central Bank. 21 August 2014.
  7. ^ "A unique RTGS-equivalent large-value payment system". EBA Clearing. Retrieved 26 December 2024.
  8. ^ a b c d e Payments and market infrastructures in the digital era (PDF), Banque de France, 2018
  9. ^ a b "About EBA CLEARING". www.ebaclearing.eu. Retrieved 2017-06-21.
  10. ^ "EBA Clearing, Irish Payment Services Organisation launch STEP2 Irish service". ThePaypers. October 12, 2011.
  11. ^ "EBA Clearing joined by coalition of banks for instant payments". IBS Intelligence. October 11, 2017. Archived from the original on November 7, 2017. Retrieved October 30, 2017.
  12. ^ "Instant payments in Europe: moving from theory to practice". Banking Technology. 17 October 2017. Archived from the original on 7 November 2017. Retrieved 4 November 2017.
  13. ^ "EURO1". www.ebaclearing.eu. Retrieved 2017-06-21.
  14. ^ "STEP1". www.ebaclearing.eu. Retrieved 2017-06-21.
  15. ^ "STEP2-T pricing". EBA Clearing. Retrieved 26 December 2024.
  16. ^ "STEP2-T Platform". www.ebaclearing.eu. Archived from the original on 2017-09-16. Retrieved 2017-06-21.
  17. ^ "SEPA Credit Transfer (SCT) Service". www.ebaclearing.eu. Retrieved 2017-06-21.
  18. ^ "STEP2 SDD Core Service". www.ebaclearing.eu. Retrieved 2017-06-21.
  19. ^ "SEPA Direct Debit ("Business to Business") Service". www.ebaclearing.eu. Retrieved 2017-06-21.
  20. ^ Golden, Paul (April 23, 2015). "Cash management debate: SEPA: A new model for Europe?". Euromoney.
  21. ^ "PRETA Sas - MyBank". www.mybank.eu. Archived from the original on 2017-01-06. Retrieved 2017-01-06.
  22. ^ Kantsans, Yuri (28 October 2017). "Банк Латвии готовится к введению молниеносных платежей в европейском масштабе" [The Bank of Latvia is preparing to introduce lightning-fast payments on a European scale]. baltnews.lv. Archived from the original on 7 November 2017. Retrieved 6 November 2017.
  23. ^ "The Shareholders". EBA Clearing. Retrieved 26 December 2024.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=EBA_Clearing&oldid=1265447810"