STET Definition.

A clearing and settlement mechanism (CSM) created by France’s major banks. It clears French retail payments (credit transfers, direct debits and CB card transactions, through its CORE(FR) system), about 30 billion transactions a year, which makes it one of Europe’s largest retail payment systems. Final settlement takes place in central bank money through TARGET. It also offers pan-European SEPA clearing and instant payment processing.

See also

→ CSM→ GIE CB→ Clearing

Where this term appears

GuideThe four-party modelGuidePayment schemesGuidePayment regulationGuideCentral banks and payment infrastructuresGuidePayments in the Netherlands and BelgiumGuidePayments in FranceGuideChecks around the worldGuideOpen banking around the worldGuideClearing and settlementGuideOpen banking and pay-by-bankCoursePayment fundamentalsCourseA CB card transaction, end to end

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