France's STET to provide retail payments for Belgium

24 October 2012

The French-based, but increasingly global, STET platform has won a contract to prcoess the Belgian banking industry's retail payments on its CORE technolgoy solution.

STET will act as the clearing and settlement mechanism (CSM) for Belgium, with the country's banks dependent on its CORE system to provide the processing backbone. The solution can handle existing national legacy payments but, more importantly, it can also handle SEPA-compliant payments. With the single euro payments area due for launch in Belgium, as elsewhere in the eurozone, on 1 Febraury 2014 the contract will help to ease the country's migration.

The deal covers the major 16 banks in Belgium, who will each be DIRECT participants in the CSM, including leading players such as Aregnta; Belfius; BNP Paribas Fortis; Commerzbank; ING; Crédit Agricole; and KBC.

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