STEP2 SCT to Offer Night-time Settlement from December 2008

EBA Clearing has stated that its pan-European automated clearing house (PE-ACH) platform, STEP2, will be the first clearing and settlement mechanism to offer its users night-time settlement of single euro payments area (SEPA) payments in TARGET2. TARGET2 acceptance testing of the new settlement model starts on 24th September 2008. Participants in the STEP2 SEPA Credit Transfer (SCT) service will now be able to take advantage of the optional night-time processing and settlement cycle from 8 December 2008 onwards. The new cycle is open for sending from 13:00 CET on D-1 to 01:00 on D with settlement taking place at 01:30 and output file delivery starting at 02:00. The introduction of a night-time processing cycle with settlement in TARGET2 has been made possible by the implementation of a new multilateral netting module (MNM), which will serve as an interface between the STEP2 platform and the TARGET2 ancillary system interface (ASI). The MNM was developed by EBA Clearing in co-operation with SWIFT in order to facilitate the exchange of SCT – and later also SEPA Direct Debit (SDD) – settlement transactions between the two systems and to derive net settlement amounts from the individual bilateral gross obligations generated by the STEP2 platform.


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