EBA CLEARING RT1

Pan-EU SCT Inst infrastructure, launched Nov 2017.

Definition

RT1 uses ISO 20022 (pacs.008 + pacs.002) over SWIFTNet or EBICS. €100k per transaction cap (raised to €100k June 2020). 250+ participant PSPs covering ~85% of SEPA addressable accounts. Prefunded liquidity model. EBA CLEARING also operates STEP2 (SEPA ACH) and EURO1 (RTGS-like).

Origin

EBA CLEARING (Paris/Frankfurt/Helsinki), STEP2 + EURO1 heritage Euro Banking Association, RT1 launched 21 Nov 2017 (day 1 of SCT Inst).

Usage

Adopted by BNP Paribas, ING, Société Générale, Commerzbank, Caixabank. Direct competition with TIPS (Eurosystem) for EU instant payments.

Related terms

• SCT Inst — scheme EPC sous-jacent.
• TIPS — concurrent Eurosystème.
• STEP2 — opérateur jumeau ACH.