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.
EBA Clearing has recently announced reforms to
the EURO1 system as part of a wider review to enhance the systems
efficiency.
