Until 6 October 2006, LIPS-Net (Luxembourg Interbank Payment System – Netting System) used to be the national compensation system for domestic cheques and credit transfers. The system started in 1994, as the substitute for a manual clearing house.
Luxembourg banks exchange and compensate cheques, whose volumes have been on the decline in the past years, bilaterally since 1 July 2006.
Domestic and cross-border credit transfers and standing orders are processed in the pan-European system STEP2 since 9 October 2006. STEP2 is operated by the Euro Banking Association (EBA).
These changes take place in the Single Euro Payments Area (SEPA) framework that the financial sector, which is organized under the European Payments Council (EPC), strives to put in place under the aegis of the European Commission and the Eurosystem.
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