EBA-CLEARING

Pan-European clearing house for SCT/SDD.

Definition

EBA CLEARING handles 60% of European SEPA Credit Transfer volume via STEP2. RT1 was the first SCT Inst system launched in November 2017. EURO1 handles large-value via netting with end-of-day TARGET2 settlement.

Origin

Founded 1998 by Euro Banking Association member banks.

Example in context

A Dutch bank sends a SCT Inst EUR 5K at 23:30 via EBA RT1 — credited within 10 seconds.

Related terms

• SEPA Instant — related scheme.