Paris
13 April 2016
Reporter: Stephanie Palmer
EBA Clearing adds to SEPA payments offering
EBA Clearing has added an enhanced remittance information service for single euro payment area (SEPA) credit transfers to its pan-European clearinghouse platform STEP2.

The new service comes as a response to demand from corporates, and allows for inclusion of up to 999 structured invoice and credit note references in each individual SEPA credit transfer.

It is designed to support bundling of a large number of invoices and credit notes in to one payment, and to allow for easier reconciliation for the party receiving the payment.

The additional optional service, named AOS2, was initially activated by eight participant banks, and is scheduled to be rolled out in five additional institutions.

Laura Hänninen, treasury manager at Sanoma Corporation, said: “The fact that our customers can now put much more structured remittance data into one SEPA transaction will help to increase automation rates on both ends of the process and further bring down our reconciliation cost.”

She added: “As a front running consumer media and learning company in Europe, with customers and suppliers in several SEPA countries, we welcome this new service and the optimisation potential it offers at a European scale.”

Olli Savolainen, head of cash management corporates and institutions for Finland at Danske Bank, said: “This means that a growing number of corporates in Finland and SEPA can benefit from nearly unlimited remittance data capacity for their ISO 20022-compliant payments.”

The new service is available to all STEP2 participant banks offering SEPA credit transfers and direct debits to their customers in the single euro payments area. This amounts to around 4,800 financial institutions in 34 countries.

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
PayCommerce hails successful instant payments test
31 January 2017 | Edison, New Jersey | Reporter: Stephanie Palmer
Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology...
EBA and SIA launch instant payments testing
19 January 2017 | Milan | Reporter: Stephanie Palmer
Testing has gone live for EBA Clearing’s pan-European instant payment infrastructure, before its scheduled go-live date in November...
SWIFT tests blockchain for cross-border payments
12 January 2017 | La Hulpe | Reporter: Mark Dugdale
SWIFT is exploring whether banks can use distributed ledger technology to improve the reconciliation of their nostro databases in real time to optimise their liquidity globally...
HSBC helps work towards cash-free India
29 November 2016 | Pune, India | Reporter: Stephanie Palmer
HSBC India has launched a new unified payments interface (UPI) solution for corporates in the country...
Accuity and Kyriba pair up on payments screening
12 October 2016 | London | Reporter: Stephanie Palmer
Data and software provider Accuity has partnered up with Kyriba, a provider of cloud-based payment and risk management solutions to develop a global payments sanctions screening service...
Currencycloud covering APAC
11 October 2016 | London | Reporter: Stephanie Palmer
International payments innovator Currencycloud is extending the reach of its system to six new countries in the Asia Pacific region...
LCH signs up first Australian PPS
30 September 2016 | London | Reporter: Mark Dugdale
The Commonwealth Bank of Australia has become LCH’s first Australian Protected Payments System bank...
More payments news