EBA Clearings platform identified as SIPS by the ECB

Thursday 28 August 2014 00:56 CET | News

The European Central Bank (ECB) has identified the ACH STEP2 functionality from EBA Clearing, a provider of pan-European payment infrastructure services, as one of the Systemically Important Payment Systems (SIPS) in Europe.

Aside this platform, three others were recognized as part of SIPS: STET’s CORE, TARGET2 and EBA Clearing’s payment system EURO1. The four payment systems are thus covered by the new ECB Regulation on oversight requirements for systemically important payment systems, which entered into force on 12th August 2014.

The systems were identified as SIPS according to the combination of at least two of four main criteria: the value of payments settled, market share, cross-border relevance and provision of services to other infrastructures.

EBA CLEARING is a bank-owned provider of pan-European payment infrastructure solutions.

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Keywords: EBA clearing, Sips, ECB, payment system, Europe, payments general, payment infrastructure
Categories: Payments & Commerce
Countries: World
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