Every domestic bank transfer, direct debit, and cheque payment in France flows through CORE(FR), the country's sole multilateral retail clearing system. Operated by STET and jointly owned by five major French banks, the platform handles clearing with a single deferred net settlement cycle each day through the T2 system in central bank money.
STET was established as a joint venture by BNP Paribas, BPCE, Credit Agricole, Banque Federative du Credit Mutuel, and Societe Generale. The company designed, developed, and manages CORE(FR) as a systemically important payment system under Banque de France oversight. The system processes SEPA credit transfers, SEPA direct debits, and cheques, alongside legacy domestic formats in the MINOS standard.
In 2024, CORE(FR) averaged 37.6 million clearing transactions per day, with an estimated daily settlement value of approximately 28 billion euros according to Banque de France data. These figures position CORE(FR) among the top three retail clearing systems in the euro area. According to ECB payments statistics from the first half of 2025, the three largest retail payment systems are Mastercard Clearing Management System, EBA Clearing's STEP2-T, and CORE(FR), which together handle 67 percent of volume and 64 percent of value.
STET's 2025 annual review reveals the broader scale of the company's operations. Across all services, STET processed 18 billion interbank transactions during the year, covering credit transfers, direct debits, cheques, and card-related operations. Separately, the company handled 15 billion card authorizations for France's domestic CB card scheme. Peak daily card operations reached 60 million on 28 and 29 November 2025, exceeding 2,000 transactions per second.
Instant payments are gaining notable traction within the French market. STET reports that instant credit transfers now represent 20 percent of all credit transfers in France and 25 percent in Belgium, where STET also provides clearing services. Tokenized transaction volumes reached 1.5 billion in 2025, a 64 percent increase year over year, reflecting the digitization of payment initiation across both markets.
STET holds a commanding 51.9 percent share of euro transactions multilaterally cleared through CSMs. This market position reflects its dual-market role serving both French and Belgian banking communities. While EBA Clearing's STEP2-T serves as the primary pan-European CSM for cross-border SEPA payments, CORE(FR) remains the leading domestic channel for French institutions, offering operational proximity and tight integration with local payment instruments.
Looking to 2026, STET is pursuing three strategic initiatives. Card on File tokenization aims to reduce French merchant dependence on international e-commerce processors. Click-to-Pay, developed in partnership with CB and G+D, will provide a sovereign French e-commerce payment capability. Wallet integration will enable CB payments through alternative wallets including Wero, bridging card-based and account-based transactions. Additionally, Adyen is set to become a direct STET participant in 2026, marking a significant expansion of the membership model beyond traditional banks.