A bank needs to fulfil the following criteria to be able to participate in the STEP1 Service:
- be authorised to conduct banking business
- participate in the STEP1 Service from its registered address or a branch located in the EU
- be a member of the Euro Banking Association. Neither a minimum credit rating nor a minimum of own funds are required to participate in the service.
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 the STEP1 Service, as evidenced by the accounts of the participant
Participants may also include branches as sub-addresses.
Joining windows for STEP1 are available on a monthly basis, respecting the following timeline:
Future change dates
The following dates are agreed with SWIFT for changes to STEP1 provisioning. This includes the connection of new participants to the systems and the addition of sub-participants as sub-addresses.
- 5 November 2018
- 3 December 2018
- 14 January 2019
- 4 February 2019
- 4 March 2019
- 8 April 2019
- 6 May 2019
- 3 June 2019
- 8 July 2019
- 5 August 2019
- 9 September 2019
- 7 October 2019
- 4 November 2019
- 9 December 2019
Please note that there will be a freeze period from 14 December 2018 to 11 January 2019.