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Monthly Posts: February

Since BIS was “born”- transaction banking highlights


Following our 12yo anniversary and as we started a new year to add to our 'age', there are some milestones that we all recall, in the area of transaction banking, globally speaking and important at company level. Here is a list of events that rolled on since BIS was born:
• The euro and the ECB's TARGET are introduced
• EBA launches EURO1
• EBA looks to develop STEP1 (Straight-Through Euro Payment System) an
interim system for processing cross-border retail payments in euro
Y2K is a significant challen financial institutions because of
many automated applications with date fields
• Analysts debate if expenses for the Y2K challenge were worth to be done
• EBA approves the blueprint for STEP2
• European states adopt the EC's regulation on cross-border payments
• Euro notes and coins replace national currencies in 12 member states
• EPC is created
• EBA Clearing develops STEP2
• The EPC approves the Pan-European Automated Clearing House resolution
(PE-ACH) which sees STEP2 become Europe's first PE-ACH
• The first bulk payment file is exchanged with the low value euro
payments system STEP2 which is declared to meet all of the ECB's
core principles of retail payment systems
• The EPC commits to building SEPA
• Launching the modern Electronic Payments System in Romania
• EBA Clearing launches SEPA Credit Transfers on STEP2
• SWIFT shareholders approve SCORE (Standardised Corporate Environment)
• The Payment Services Directive (PSD) is adopted by the European Parliament
• Banks migrate to TARGET2 for high value payments
• SEPA Credit Transfers go live
• SEPA Direct Debit goes live
• The PSD is also implemented into national legislation in member states
• EC sets SEPA migration deadlines

and…to find out how BIS' evolution toned with those, look into our
history pages.

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