German banks adopt Step2 for domestic payments
A group of seven German banks today announced they are adopting EBA Clearing's Step2 system to process their low-value, bulk domestic payments, as part of their compliance with the forthcoming Single Euro Payments Area (Sepa).
Step2 is an automated clearing house used for processing credit transfers and direct debits that are conducted in euros, and is a "central component" of the Sepa infrastructure.
The seven German banks are already using Step2 for some cross-border transactions, and will
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