EBA Clearing Pan European Payment System Overview

EBA Clearing is a pan-European payment system that plays a crucial role in facilitating secure and efficient transactions across the continent.

It's a non-profit organization that operates under the umbrella of the European Banking Authority (EBA). This unique setup allows EBA Clearing to maintain its independence and focus on providing high-quality payment services.

At the heart of EBA Clearing's operations is its pan-European payment system, which enables the clearing and settlement of high-value payment transactions between banks. This system is designed to be efficient and secure, with a real-time gross settlement (RTGS) mechanism that ensures transactions are processed promptly.

EBA Clearing's system is used by a significant number of European banks, with a total of 34 countries participating in the scheme.

Broaden your view: Structured Financial Messaging System

Euro1 and RT1 are two payment systems owned and operated by EBA Clearing. EURO1 is a large-value deferred net settlement (DNS) payment system that settles transactions of high priority and urgency in real-time with finality. It operates on a multilateral net basis, adjusting accounts continuously as payments are made for each other's customers.

Check this out: Immediate Payment Service

EURO1 is open to banks with a registered address or branch in the European Union and membership in the Euro Banking Association. It's subject to German law, specifically the current account principle/single obligation structure. Payments are settled in real-time, but settlement risk is still present.

RT1, on the other hand, is a pan-European instant payment system launched in 2017. It settles around three million payments per day in real-time across Europe, providing a pan-European infrastructure for instant payments in euros under the SEPA Instant Credit Transfer scheme. RT1 allows commercial banks to offer fast payments to their customers throughout the Eurozone.

Here are some key features of EURO1 and RT1:

MyBank, a major player in the European banking scene, has a diverse group of shareholders. As of end-2024, there were over 40 banks listed as shareholders on the EBA Clearing website.

Some of the notable shareholders include ABN AMRO, Barclays, and Deutsche Bank. These institutions have a vested interest in the success of MyBank.

A closer look at the list of shareholders reveals a mix of large and small banks from across Europe.

MyBank is a pan-European e-authorisation and Online Banking ePayments service launched in March 2013 by EBA Clearing.

It enables customers across Europe to pay for online purchases via their regular online or mobile banking environment without disclosing confidential data to merchants or third parties.

MyBank can be used for authorising SEPA Credit Transfers as well as creating SDD mandates.

The solution is owned and managed by PRETA S.A.S., a wholly owned subsidiary of EBA Clearing.

MyBank is an electronic authorisation solution for online payments and allows for online purchases across Europe through their trusted online banking environment to be paid.

It can be used for authorising SEPA transfers and creating SDD mandates.

In the future, MyBank may also be used for transactions in currencies other than euro or for e-identity services.

Today, MyBank is operated by PRETA S.A.S., a 100% subsidiary of EBA Clearing.

As of end-2024, the banks that hold shares in EBA Clearing are listed on their website.

ABN AMRO, Allied Irish Banks, and Banca Monte dei Paschi di Siena are just a few of the many banks that are shareholders.

One notable bank is Banco Santander, which is a large international bank with a significant presence in Europe.

A total of 45 banks are listed as shareholders on the EBA Clearing website.

Here is a list of some of the banks that are shareholders:

STEP1 is a single payment service for commercial transactions in Euros, launched by EBA Clearing in 2000 for small and medium-sized European banks. It shares the same technical infrastructure as the EURO1 system.

Since April 2003, EBA Clearing has managed and operated the STEP2 platform with SIA as its technological partner. STEP2 is a pan-European Automated Clearing House (PE-ACH) for mass payments in Euros, serving as the third pillar of EBA Clearing for European payments.

The STEP2 platform enables European banks to send and receive SEPA credit transfers and SEPA direct debits through a single channel. This includes the STEP2 SEPA Credit Transfer (SCT) Service and the STEP2 SEPA Direct Debit (SDD) Services, launched after the introduction of SEPA.

Consider reading: European Payments Initiative

Step 1 is a payment service of EBA Clearing that started in 2000.

It's designed for small and medium-sized banks to handle single euro payments of high priority and urgency.

The technical infrastructure of Step 1 is the same as that of the EURO1 system, both using the messaging and IT infrastructure of SWIFT.

This infrastructure is shared with EURO1, which means banks can rely on a familiar and efficient system for their high-priority payments.

Step 1 offers a single payment service for commercial transactions in Euros, primarily for small or medium-sized European banks.

It's been available since 2000, making it a reliable option for banks that need to process urgent payments quickly.

Intriguing read: New Payments Platform

Step 2 is a pan-European automated clearing house (PE-ACH) that was put into operation in 2003 in partnership with SIA S.p.A. It processes mass payments in euros.

The STEP2 system is a comprehensive platform that comprises three Single Euro Payments Area (SEPA) services: SEPA Credit Transfer (STEP2 SCT), SEPA Direct Debit Core (STEP2 SDD Core), and SEPA Direct Debit Business-to-Business (STEP2 SDD B2B).

Expand your knowledge: Does Zelle Charge a Fee for Business Account

STEP2-T is a leading retail payment system in the euro area based on value, reaching nearly 100 percent of all banks that have signed the SCT and SDD Scheme Adherence Agreements of the European Payments Council (EPC).

The STEP2 SEPA Credit Transfer (SCT) service has been available since the beginning of SEPA on 28 January 2008 across all SEPA countries. This service provides a uniform infrastructure for processing SEPA transfers.

The STEP2 SEPA Direct Debit (SDD) services started on 2 November 2009, allowing for the processing of SEPA direct debits. This service requires payments to have the international standardized account number (IBAN) and the international normalized bank code (BIC) of the recipient's bank.

The STEP2 platform enables banks across Europe to offer SEPA-compliant services to their customers by providing a single channel for sending and receiving both SEPA transfers and direct debits.

Curious to learn more? Check out: Single Euro Payments Area

EBA Clearing's financial information is quite interesting. The EBA CLEARING annual revenue was $46.8 million in 2025.

Their financial stability is a key factor in their ability to operate efficiently, allowing them to provide reliable services to their clients.

A unique perspective: A Corporate Financial Manager Trying to Maximize Shareholder Value

EBA CLEARING's annual revenue was a notable $46.8 million in 2025.

The financial landscape is often shaped by the revenue of key players in the industry.

The SIC code for EBA CLEARING is 62, with a more specific code of 623.

Understanding the SIC code is essential for businesses and organizations involved in financial transactions.

The SIC code for EBA CLEARING is [62, 623].

Explore further: Bank Clearing Code

EBA Clearing is a European payment system that facilitates the exchange of payments between banks. It's a crucial part of the European banking landscape.

EBA Clearing was founded in 1999 as a result of the European Central Bank's (ECB) initiative to create a more efficient and secure payment system.

The system is designed to process high-value payments across Europe, with a focus on the Single Euro Payments Area (SEPA). It's a vital tool for banks and financial institutions.

EBA Clearing operates under the umbrella of the European Banking Authority (EBA), ensuring compliance with EU regulations. This ensures that the system is secure and trustworthy.

For your interest: Instant Payment

The system uses a batch-processing approach, where payments are collected and processed in batches throughout the day. This approach helps to reduce costs and increase efficiency.

EBA Clearing has a strong focus on innovation, investing in new technologies to improve the payment process. This includes the use of blockchain and other emerging technologies.

The system is used by over 6,000 banks across Europe, making it a key player in the European payment landscape. Its reach and influence are undeniable.

EBA Clearing offers a range of services, including the Real-Time Gross Settlement (RTGS) system, which enables the immediate settlement of high-value payments. This service is a game-changer for banks and financial institutions.

The system is designed to be scalable, allowing it to handle large volumes of payments during peak periods. This ensures that payments are processed quickly and efficiently.

EBA Clearing is committed to delivering high-quality services to its users, with a focus on security, efficiency, and innovation. This commitment is evident in the system's continued growth and development.

Intriguing read: How to Clear Your System of Cbd?