OverviewKey benefitsHow does STEP1 work?AdmissionBenefits of sub-participationReachabilityParticipantsStatisticsService documentationContact us STEP1 Participants An entity needs to fulfil the following criteria to be able to participate in STEP1: be authorised to conduct banking business participate in STEP1 from its registered address or a branch located in the EU be a SWIFT user neither a minimum credit rating nor a minimum of own funds are required to participate in STEP1. STEP1 Sub-Participants In order to qualify as a sub-participant in STEP1, a bank has to be: established in an EEA location a consolidated affiliate of a participant in STEP1, as evidenced by the accounts of the participant Participants may also include branches as sub-participants. Joining windows Joining windows for STEP1 are available on a monthly basis, respecting the following timeline: Joining process Change dates Change dates for all STEP1 Services are set by the below conditions: There is a maximum of one change date per month: the first Monday of the month following an entire weekend (Saturday & Sunday). The administrative deadline for submitting legal and administrative documents is one month prior to the given change date. There are no change dates during the freeze period between the second week of December and the second week of January.