EBA CLEARING
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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.