| PE-ACH |
Pan-European Automated Clearing House framework, where PE-ACH is defined as a business platform for the provision of euro retail payment instruments and basic related services, made up of governance rules and payments practices and supported by the necessary technical platform(s) |
| PEDD |
Pan-European Direct Debit (historical EPC Term - now replaced with SEPA DD) |
| POS |
Point of Sales, ie the point at which a purchase transaction is originated by the cardholder (typically the premises of the merchant) |
| PSD |
Payment Services Directive (PSD), formerly called New Legal Framework (NLF) |
| ROC |
The Roll-Out Committee of the EPC whose role it is to prepare and support the successful roll-out phase of the SEPA Schemes |
| RTGS |
Real-Time Gross Settlement enables the individual settlement of each item individually in central bank money in real-time |
| SCF |
SEPA Cards Framework: a common set of principles and rules for the provision by banks and card schemes of a pan-European card payment instrument. This common set of principles, rules and practices agreed at SEPA interbank level |
| SECA |
Single Euro Cash Area. The framework for SECA seeks to create a consistent customer experience at all euro area ATMs, and to introduce consistent and homogeneous wholesale and retail cash handling |
| SEPA |
Single Euro Payments Area where citizens, companies and other economic actors will be able to make and receive payments in euro, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their locations |
| SIA |
Società Italiana per l'Automazione (SIA) is the company operating the EBA STEP2 service |
| SNCE |
Sistema Nacional de Compensacion Electronica is the current retail clearing system in Spain |
| SIBS |
Sociedade Interbancaria de Servicios is a company owned by the major banks in Portugal and managing the clearing systems in Portugal |
| SIT |
Systéme Interbancaire de Télécompensation is the current retail clearing system in France |
| SME |
Scheme Management Entity of the EPC. Its objectives are to control and manage the operation of the SEPA schemes |
| STEP1 |
STEP1 is a European Banking Association clearing scheme and infrastructure for those banks who do not meet the requirements to be a EURO1 member. STEP1 processes retail payment orders with the following characteristics:
- Credit transfers for which execution is not urgent
- Payment messages formatted according to agreed technical standards
- Processing amounts which do not create the need for systemic risk protection
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| STEP2 |
STEP2 is the first pan-European automated clearing house (PE-ACH) for bulk payments in euro. The system currently processes retail payments of up to EUR50,000 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 criteria |
| STET |
Système Technologique d'Echange et de Traitement is a company created to set up a new retail payment system in France |
| STP |
Straight-through processing |
| SWIFT |
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the financial industry-owned cooperative supplying secure, standardised messaging services and interface software to 7,800 financial institutions in more than 200 countries |
| TARGET |
Trans-European Automated Real-time Gross Settlement Express Transfer: The TARGET system is defined as a payment system composed of one RTGS system in each of the countries that participate in stage three of EMU and European Central Bank (ECB) payment mechanism. RTGS systems in non-participating countries may also be connected, provided that they are able to process the euro alongside their national currency. The domestic RTGS systems and the ECB payment mechanism are interconnected according to common procedures to allow cross-border transfers throughout the EU to move from one system to another system |
| TARGET2 |
The Eurosystem's planned replacement of TARGET, ie a new platform designed to integrate the multiple European RTGS systems. Expected to be rolled out from November 2007 on |
| TWIST |
Treasury Workstation Integration Standards Team. A not-for-profit industry group of corporate treasurers, fund managers, banks, system suppliers, electronic trading platforms, market infrastructures and professional services firms |
