Direct Participation and Membership in STEP2 and TARGET2 Payments
Sparkasse Bank Malta plc is proud to announce the completion of another milestone development in the construction of its payments infrastructure with the acquisition of full membership and direct participation in the STEP2 SEPA Credit Transfer Service (SCT) and TARGET2 payment systems. The Bank believes this to be a momentous leap in the strengthening of the infrastructural foundations supporting its payment processing solutions, increasing operational independence, the possibility of scalability, automation, simplicity and the recourse to systems and technologies at the forefront of industry standards in the European Union.
The STEP2 SEPA Credit Transfer Service (SCT) which is identified by the European Central Bank as a systemically important payment system offers banks and other financial institutions an interbank processing solution that allows for the sorting, routing, delivery, clearance and settlement of Single European Payments Area (SEPA) credits to all banks in Europe, in a secure and reliable framework that is compliant with the EPC SCT Scheme Rulebook and Implementation Guidelines as well as with the CSM Framework, using standard banking interfaces and global ISO XML standards. Sparkasse Bank Malta plc. now becomes one of only 175 banks globally that participates directly in this system.
TARGET2 or the second generation of the Trans-European Automated Real-time Gross settlement Express Transfer system gives Sparkasse Bank Malta plc. access to a payment system characterised by real time gross and continuous settlement with immediate finality, to one of the largest payment systems globally with over 1,004 direct participants processing an average of over 343,000 payments daily and average daily value of 1.8 trillion euro.
Whilst being evidence of the reputational, governance and systemic qualities characterising the Bank’s business, the Bank is confident that these new platforms will allow it to continue enhancing customer experience, increase efficiencies in the relevant settlement cycles and offer segments of its core customer types the infrastructure and payment solutions necessitated by the particular needs of their business.