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.
- 3 July 2017
- 7 August 2017
- 4 September 2017
- 9 October 2017
- 6 November 2017
- 4 December 2017
Please note that there will be a freeze period from 15 December 2017 to 12 January 2018.