More security, lower costs: STEP2 Clearing with EBICS

schubkarre geldhaufenSince the end of last year, EBA Clearing has offered EBICS alongside SWIFT as an access channel for STEP2. The blueprints of this system came from the German Bundesbank, which in 2008 had already integrated its SEPA clearer to SWIFT and EBICS. For what reasons does EBA Clearing offer EBICS access along with SWIFT? The motivation for this came from a few financial institutions and savings banks in Germany. Costs were a significant factor: With EBICS, there are no transaction costs associated with transmission. Continue reading