Skip to content
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Schedule a demo
Schedule a demo
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Schedule a demo
Schedule a demo
  • Home
  • Features
  • About
  • Pricing
  • Contact
Baseella
  • Home
  • Features
  • About
  • Pricing
  • Contact
Modern core banking system happy robot

Core banking and payments technology

11
  • What is a Core Banking System? 7 Key Features
  • What are Legacy Core Banking Systems? The Complex Nightmare
  • What are the key advantages of using a SaaS cloud-based banking system? Top 7 reasons why to avoid developing your own
  • Is using an open-source technology in core banking software development safe and secure? 
  • What are the advantages of using an open-source database in modern cloud-based whitelabel bank software? 
  • What advantages RESTful API has over SOAP API?
  • How does the use of GraphQL Federation enhances RESTful APIs?
  • Key principles and advantages of the microservices architecture in payment software solutions
  • What are the benefits of integrating container and orchestration technologies such as Docker and Kubernetes into the deployment of cloud-based software for bank systems?
  • What are the typical security measures undertaken by the cloud core banking systems developers to address the security concerns of financial institutions?
  • What is required of the SaaS cloud-based core banking software to enable the financial institutions to provide banking as a service or a superapps?
Modern core banking system happy robot

Regulations and compliance

11
  • What is PCI DSS? The best explanation
  • What are the key concerns when choosing the core banking system from the perspective of regulatory compliance?
  • What is Open Banking, and why do banks, payment institutions and e-money institutions in the EU must publish Open Banking API?
  • What is strong customer authentication (SCA) regulatory technical standard (RTS)?
  • Can push notifications be considered compliant with SCA RTS?
  • Why is it important to use multi-factor authentication (MFA) when accessing a cloud-based core banking system?
  • Why is it essential to have comprehensive user management in the banking software?
  • Why is it important for the modern cloud-based core banking system to be built around a general ledger and have a chart of accounts?
  • Is it possible to obtain necessary information for regulatory reporting if an institution uses a core banking system with no general ledger and chart of accounts?
  • Why is there a need for customer risk scoring and transaction risk scoring?
  • Why is it ineffective or even dangerous to outsource the risk scoring from a third party without having it as a part of the cloud-based core banking software?
Modern core banking system happy robot

Banking, payments, and e-money

15
  • What is payment initiation service, and how it can be used?
  • What is a banking superapp and what does it offer?
  • What is banking-as-a-service, or BaaS?
  • What is an Account Servicing Payment Service Provider?
  • Who are Third-Party Providers (TPPs), and what is their role?
  • What is Account Information Service, and how it can be used?
  • What is Original Credit Transaction (Visa and Mastercard) and how is it used in payments?
  • What is SEPA, and what types of payment transactions it facilitates?
  • What is Step2 and what types of payment transactions it supports?
  • What is Target2, and what types of payment transactions it supports?
  • What is Faster Payments (UK), and what types of payment transactions it supports?
  • What is Bacs, and what kind of payments it supports?
  • What is NACHA (USA), and what types of payments it supports?
  • What is SWIFT, and what types of payments it supports?
  • What is a correspondent bank, and what is its role in payments?
View Categories
  • Home
  • Knowledge Base
  • Banking, payments, and e-money
  • What is Step2 and what types of payment transactions it supports?

What is Step2 and what types of payment transactions it supports?

2 min read

Step2 automated clearing house

In the European retail payments landscape, Step2 Automated Clearing House (ACH), operated by EBA Clearing, takes center stage as a harmonizing force that streamlines high-volume, low-value transactions. As a revolutionary pan-European system, Step2 bolsters the efficiency of transactions while maintaining cost-effectiveness, serving an array of payment types.

Embracing Seamless SEPA Credit Transfers #

A key facet of Step2’s service spectrum is the support for SEPA Credit Transfers (SCT). This feature enables individuals and businesses to make euro-denominated credit transfers within the Single Euro Payments Area (SEPA). It’s a crucial tool for executing retail and non-urgent payments, extending the reach of electronic funds transfers between various bank accounts.

Enhancing Recurring Payments with SEPA Direct Debits #

With the incorporation of SEPA Direct Debit (SDD) transactions, Step2 ensures businesses can seamlessly collect payments from customers’ bank accounts. This leverages the authorization provided by account holders themselves, promoting transparency in transactions. Further, it supports both Core and Business-to-Business (B2B) schemes, providing a comprehensive solution for recurring payments collection in a standardized and efficient manner.

Unleashing the Power of Instant Payments #

Adding another feather to its cap, Step2 has integrated support for Instant Payments. This innovative service offers a near-instantaneous transfer of funds between participating banks, revolutionizing real-time payment settlement. It allows immediate availability of funds, thus augmenting the consumer payment experience with speed and convenience.

Bridging Boundaries with Cross-Border Payments #

Step2 plays an instrumental role in facilitating cross-border payments within the SEPA area, ensuring fluid funds transfer between different countries. By offering standardized payment formats and protocols, it promotes interoperability, further enhancing the efficiency in cross-border transactions.

In summary, Step2 serves as the backbone of the European retail payment landscape, driving harmonization and integration across Europe. Financial institutions leveraging the Step2 platform can efficiently process and clear retail payments, thereby delivering reliable and convenient payment services to their customers. With its wide-ranging capabilities – from supporting SEPA payments and direct debits to facilitating instant payments and cross-border transactions – Step2 is reshaping the narrative around retail payments and contributing to a seamless flow of funds within Europe.

Updated on July 25, 2023
Share This Article :
  • Facebook
  • X
  • LinkedIn
What is SEPA, and what types of payment transactions it facilitates?What is Target2, and what types of payment transactions it supports?

Powered by BetterDocs

Table of Contents
  • Embracing Seamless SEPA Credit Transfers
  • Enhancing Recurring Payments with SEPA Direct Debits
  • Unleashing the Power of Instant Payments
  • Bridging Boundaries with Cross-Border Payments
Pages

  • Features
  • About
  • Pricing
  • Contact
Resources

  • Knowledge base
  • Blog

Copyright © 2025 Baseella Ltd

  • Privacy
  • Cookies
  • Terms and Conditions