EBA Clearing has phased out its STEP2
cross-border credit transfer (XCT) service.
STEP2 XCT had been launched in 2003 for
euro-nominated cross-border mass credit transfers of up to €50,000
($67,125).
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EBA said on 5 December that it had now closed
down the service as the volumes channeled through STEP2 XCT have
mostly been migrated to the STEP2 SEPA Credit Transfer (SCT)
Service over the past few months.
John Broxis, director of STEP2 Services at EBA
Clearing said:
“The STEP2 XCT Service represented EBA
Clearing’s step into the retail payment processing environment. (…)
While the STEP2 XCT chapter came to an end [on 5 December], the
STEP2 platform has developed into a fully-fledged pan-European
Automated Clearing House: STEP2 processes over 2 million SEPA
payments each day and will continue to grow and evolve in the
ramp-up for SEPA and beyond.”
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