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STET-CORE
The STET-CORE system is a French interbank automated clearing house. STET SA, whose name refers to Systèmes Technologiques d'Echange et de Traitement (), is the system's operating company, based in Paris La Défense. CORE, whose name refers to COmpensation REtail ( being French for clearing), is the main platform developed by STET SA. The CORE platform supports the CORE(FR) clearing service for French banks, which in 2014 has been designated as a Systemically Important Payment System at the European level. CORE also supports other systems such as CEC (Centre for Exchange and Clearing, ) in Belgium. CORE is the largest European retail payment system by volume and value. STET has also developed a pan-European platform for instant payments named SEPA.EU. Overview STET was established in December 2004 by France's six main banks, namely BNP Paribas, Crédit Agricole, Crédit Mutuel, Groupe Caisse d'Épargne, Groupe Banque Populaire, and Société Générale, to replace a previou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Systemically Important Payment System
A Systemically Important Payment System (SIPS) is a payment systems whose failure could potentially endanger the operation of the whole economy. In general, these are the major payment clearing systems or real-time gross settlement systems of individual countries, but in the case of Europe, there are certain pan-European payment systems. As of late 2023, the European Central Bank had designated five payment systems as SIPS, namely T2 (settlement system), T2, EURO1, STEP2, STET-CORE, CORE(FR), and Mastercard Europe. In the event of a bank failure, adherence to the rules for the operation of SIPS should prevent a domino effect whereby payment obligations of the failing bank are effected against the solvent banks. Clearly, this does not prevent the effects of a bank failure from spreading; however, it closes off one route. Operation of a SIPS In 2001, the Bank for International Settlements (BIS) issued the "Core Principles for Systemically Important Payment Systems", and these are s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |