EBA Clearing

It was set up in 1998 by the Euro Banking Association, an industry body for banks, ahead of the euro's launch. Not to be confused with the European Banking Authority, which shares the acronym but is an EU regulator. EURO1 settles large-value interbank payments and is classed by the ECB as systemically important. STEP2 is the automated clearing house for SEPA credit transfers and direct debits, and the largest in Europe. RT1, launched in November 2017, handles SCT Inst instant payments.

To the general public the company is invisible. Even so, a large share of Europe's euro transfers pass through its systems, in ISO 20022 format, on the way to the recipient's bank.