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Glossary

BBAN

Basic Bank Account Number

BIC

Bank Identifier Code ISO 9362 which specifies the elements and structure of a universal bank identifier code (BIC) for use in automated processing in banking and related financial environments. The BIC consists of 8 or 11 contiguous characters (letters and/or digits without special characters such as blanks, separators, punctuation, etc.) and comprises the first three or all four of the following four components: bank code, country code, location code, branch code.

CredEuro

The interbank convention which promotes the adoption of efficient, low cost, end to end scheme for basic cross-border STP credit transfers in Euro.

EBA

Euro Banking Association.

ECB

European Central Bank.

ECBS

European Committee for Banking Standards which develops banking standards for the European banking Industry.

ECSA

European Credit Sector Associations.

EMV

MasterCard Visa standard based on CHIP and PIN card payment scheme.

EPC

European Payments Council, decision making body and regulatory body for the banking industry on European payment matters.

ESCB

The European System of Central Banks comprises the ECB and the National Central Banks (NCBs) of all EU Member States whether they have adopted the euro or not

Eurosystem

The Eurosystem comprises of the ECB and the National Central Banks of the countries that have adopted the Euro. This partnership will continue until all EU Member states are within the Euro. The Eurosystem is responsible for conducting monetary policy for the whole of that area, with the objective assigned by the Maastricht Treaty of ensuring price stability.

IBAN

International Bank Account Number.

PE-ACH

Pan-European Automated Clearing House, PE-ACH is " 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 platforms".

PriEuro

Priority Euro payment scheme to provide same-day value payments across the SEPA region.

SEPA

Single European Payments Area which consists of 31 Countries and 5 territories.

SEPA Payment Scheme

The rules and practices for the provision and operation of a SEPA payment instrument agreed at inter-bank level in a competitive environment.

STP

Straight-through-processing.

TARGET2

The Eurosystem's planned replacement for the TARGET payment system.