STEP2
STEP2 is a pan-European automated clearing house service operated by EBA Clearing. It processes SEPA credit transfers and direct debits in batches.
STEP2 provides reach to banks across SEPA for euro payments. It complements real-time systems like RT1 by handling bulk and scheduled payments.
Related Terms
SEPA
Single Euro Payments Area
SEPA is a payment integration initiative of the European Union for simplification of bank transfers ...
Direct Debit
Direct debit is an authorized withdrawal from a bank account, typically set up for recurring payment...
RT1
RT1 is a real-time payments system operated by EBA Clearing in Europe. It provides instant processin...
Batch Processing
Batch processing is a method of processing transactions in groups rather than individually (as in RT...
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