EBA Clearing has added three new settlement
cycles to its STEP2 SEPA Credit Transfer (SCT) service.
EBA will introduce two new cycles in the
morning and one in the evening, offering six settlement cycles
within SCT.
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John Broxis, Director, STEP2 Services at EBA,
said the addition of the new cycles will enhance the
liquidity management process of banks because
it allows them to choose when payments will be settled.
“At the same time we smooth the flows of
transactions through the day and allow banks to offer better
service levels to their customers,” he added.
The introduction of the new cycles is in
response to the growing volume of SEPA credit transfers, Broxis
said.
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By GlobalData“There is an industry trend of payments getting faster and banks
are channelling more and more credit transfers through SEPA
infrastructures.
“Consequently, the flexibility offered by multiple settlement
cycles throughout the day will continue to gain in importance.
EBA has also deferred the last settlement
deadline in the afternoon by an hour, which means that a
participating bank within the EBA system can now send payments to
the STEP2 channel until 2pm CET. EBA said that the receiving bank
will then get the transfer by 4.15pm CET on the same working day
“at the very latest”.
