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:
1999
• 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
2000
• Analysts debate if expenses for the Y2K challenge were worth to be done
2001
• EBA approves the blueprint for STEP2
• European states adopt the EC’s regulation on cross-border payments
2002
• Euro notes and coins replace national currencies in 12 member states
• EPC is created
• EBA Clearing develops STEP2
2003
• The EPC approves the Pan-European Automated Clearing House resolution (PE-ACH) which sees STEP2 become Europe’s first PE-ACH
2004
• 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
2005
• The EPC commits to building SEPA
• Launching the modern Electronic Payments System in Romania
2006
• EBA Clearing launches SEPA Credit Transfers on STEP2
• SWIFT shareholders approve SCORE (Standardised Corporate Environment)
2007
• The Payment Services Directive (PSD) is adopted by the European Parliament
• Banks migrate to TARGET2 for high value payments
2008
• SEPA Credit Transfers go live
2009
• SEPA Direct Debit goes live
• The PSD is also implemented into national legislation in member states
2010
• EC sets SEPA migration deadlines
and…to find out how BIS’ evolution toned with those, look into our history pages.
By: Corina Cornea