EBA CLEARING has announced that its STEP2 clearing platform is witnessing a significant volume growth in SEPA payment processing, resulting in peak day volumes above 100 million SEPA Credit Transfers and SEPA Direct Debits.

According to EBA CLEARING, the growth in volumes indicates the accelerating pace of migration to SEPA from the beginning of the year.

The overall migration in the euro area from national payment schemes to the pan-European SEPA payment instruments was nearly 94% for credit transfers and over 80% for direct debits in February 2014, according to ECB statistics.

EBA CLEARING said that its STEP2 platform offers a strong clearing infrastructure to the European financial industry allowing banks to provide SEPA payment services to their customers.

Additionally, the migration of domestic legacy payments to SEPA has expanded the role of STEP2 as a payment system for domestic retail payments.

EBA CLEARING CEO, Gilbert Lichter, said: "Over the past few months, our STEP2 platform has served as a reliable infrastructure to support the rapid migration of the banks to the new SEPA standards at a pan-European and a domestic level.

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At EBA CLEARING, weare very happy to support in this way – together with our technology partner SIA – the banks in Europe in coping with the important challenges that the SEPA migration has placed on them,"

"In view of its prominent position and its systemic importance, we have made significant investments to ensure that the STEP2 platform meets state-of-the-art resilience requirements."