The planned upgrade will enable STEP2 participants to shorten end-to-end processing timelines for retail payments in Europe in minutes. The concepts of the new tools and capabilities, which leverage existing file-based mechanisms that are embedded into end-to-end processing flows, were communicated to STEP2 users and their providers today.
STEP2 processes on average 55 million SEPA credit transfers and direct debits per day, according to the press release. The system connects more than 4,800 payment service providers operating in Europe and provides payment reach to end users across the continent.
STEP2 is a pan-European automated clearing house, processing mass payments in euro, which is owned and operated by EBA CLEARING, a European-regulated financial market infrastructure provider.
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