STEP2

STEP2 is the first SEPA-ready, credit transfer system for low-value, bulk payments in euro. The system, from EBA Clearing, currently processes retail payments of up to 50,000 euro per transaction. In accordance with the requirements of EC Regulation 2560/2001, each payment instruction needs to bear, among others, the International Bank Account Number (IBAN) of the beneficiary and the Bank Identifier Code (BIC) of the beneficiary's bank in order to comply with STEP2's Straight-Through Processing (STP) criteria.