EBA Clearing and the Irish Payments Services
Organisation (IPSO) have launched the STEP2 Irish Service.
STEP2 is designed to improve end-to-end
processing of domestic credit transfers within Ireland until the
country has completed its migration to SEPA.
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It ensures that the domestic payments
processed by the six Irish banks are settled in the evening of the
day they are processed, allowing the banks to extend their cut-off
times and accept payments later.
Vincent Brennan, head of group payments at
Bank of Ireland said:
“The STEP2 Irish Service has enabled us to
avoid developments on our legacy infrastructure and provides us
with access to a state-of-the-art processing system that is in a
position to adjust to evolving legal and technical
requirements.”
The migration to SEPA will be eased as all
euro retail traffic will be processed through one channel.
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By GlobalDataEBA Clearing has recently announced reforms to
the EURO1 system as part of a wider review to enhance the systems
efficiency.
