EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks.
In March 2013, EBA Clearing launched MyBank, an e-authorisation solution for online payments, which is geared at facilitating the growth of e-commerce across Europe.
[9] In 2016, banks from nine countries agreed to create RT1, EBA Clearing's pan-European infrastructure for instant payments in Euro, The system went live in November 2017.
[8]: 127 EURO1 operates on a multilateral net basis, meaning that it continuously adjusts the accounts of the participant banks as they make payments for each other's customers.
[8]: 124 It is subject to German law (current account principle/single obligation structure) and is based on a messaging and IT infrastructure provided by SWIFT.
[15] STEP2-T is a pan-European automated clearing house (PE-ACH),[16] meaning that it complies with the corresponding principles set by the European Payments Council (EPC).
[8]: 152 MyBank is a pan-European e-authorisation and Online Banking ePayments service that EBA Clearing launched in March 2013.