SEPA
PAYMENTS SIGNAL · REFERENCE CARDSEPA Credit Transfer through STEP2-T
A euro credit transfer cleared through STEP2-T, EBA CLEARING's pan-European retail ACH, with the resulting positions settling in central bank money in TARGET2.
Actors
- Riya (payer)customer
- Bank Alfa (originator bank)bank
- STEP2-T (EBA CLEARING)infrastructure
- TARGET2 (T2)infrastructure
- Nordbank (beneficiary bank)bank
- Arjun (payee)customer
Messages
- pain.001
- pacs.008
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | pain.001 — Riya instructs Bank Alfa to pay | Riya → Bank Alfa | message |
| 2 | DR Riya — Bank Alfa debits Riya's account | Bank Alfa | posting |
| 3 | pacs.008 — Bank Alfa submits the interbank transfer to STEP2-T | Bank Alfa → STEP2-T | message |
| 4 | Clearing cycle — STEP2-T clears the payment and calculates net positions | STEP2-T | clearing |
| 5 | Settlement — The cleared positions settle in TARGET2 | STEP2-T → T2 | settlement |
| 6 | pacs.008 — STEP2-T delivers the transfer to Nordbank | STEP2-T → Nordbank | message |
| 7 | CR Arjun — Nordbank credits Arjun's account | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Missed cut-off: roll to next cycle | Bank Alfa submits the transfer after the cut-off for the current STEP2-T settlement cycle. | Debited from Riya; held between banks until the next cycle settles. · No settlement in the original cycle; scheduled to settle in the next STEP2-T cycle in TARGET2. | Bank Alfa — Bank Alfa submits ahead of the cut-off next time, or accepts the later cycle for non-urgent payments. |