The 70 largest European banks already have access to the EURO1 system. The BAS2 system will enable the pre-settlement of STEP2 balances in EURO1 for pre-fund participants and the end-of-day final settlement of EURO1 balances in Target. BAS2 will also enable intra-day cash transfers between EURO1 and Target, and soon Target 2.
Diamisâ technology chosen by EBA is based upon Cristal, a proven solution to access to the EURO1, STEP1, STEP2 and Target systems. Diamis already guarantees that the system will be compatible with Target 2. It is for this reason that Cristal is used by a large number of banks in France and Europe and by special institutions like Banque de France and Euroclear. Cristal ensures for Euroclear France the management of intra-day cash transfers between the Securities Settlement System, RGV, and Target.
Gilbert Lichter, CEO of EBA Clearing, said : "We have entrusted the implementation of BAS2 to Diamis, who already provides banks with solutions for connection to the EURO1, STEP1 and STEP2 systems. Banks will appreciate the advantages of this platform, which effectively supports all the new functions required to develop EBAâs pan-European settlement systems."
"Diamis is proud to have been chosen by EBA, "said Jean Pic Berry, General Manager of Diamis. "We are sure that the participants in Europe will be satisfied with the services provided by BAS2, which will allow them to get a head start in the developments required for the implementation of the Single Euro Payments Area."