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Euro Elixir

Euro Elixir is a modern and universal interbank clearing system which allows to process transactions in Euro made on the pan-European scale. The service was created to meet the challenges resulting from the integration of European payment systems.


The Euro Elixir system is part of an integrated infrastructure of the European payments area and allows to process transfers sent between institutions in Poland, as well as those sent abroad. It was created to meet the challenges resulting from the integration of European payment systems.

Euro Elixir, launched in 2005, at first as a local system designed exclusively for handling payments exchanged between the KIR participants, as early as in the first months of its operation it was connected with the pan-European clearing house, STEP-2. Since mid-2005, it has enabled the execution of transactions within the whole European Union. Together with the deepening integration of European payment systems, at the beginning of 2008 it became a part of then created Single Euro Payments Area – SEPA as SEPA CT Scheme Compliant Automated Clearing House, which proves its compliance with SEPA requirements. Further adaptation of Euro Elixir to the standards which are binding in Europe resulted in the transfer of settlement to the European Central Bank platform, TARGET2, and diversification of clearing channels based on the EACHA network.

Owing to the co-operation with clearing institutions from other countries, in particular with the partners of EACHA (European Automated Clearing House Association) and EBA Clearing, the operator of the STEP2 system, international Euro transactions ordered and directed to Poland are executed in an efficient, reliable and secure manner.

Euro Elixir supports payments in Credeuro (XCT) and SEPA Credit Transfer (SCT) schemes, and settlement is made directly on the Single Shared Platform of the TARGET2 system.

Why implement Euro Elixir?

  • possibility of making transactions in Euro – with Euro Elixir the bank may clear payments in Euro when dealing with other banks on the pan-European scale,
  • security – for many years of its operation the Euro Elixir system has proved its reliability, therefore, it enjoys the trust of the banks,
  • greater possibilities of liquidity management – the netting model implemented in the system allows to reduce the liquidity necessary for the banks to settle the clients' payments in Euro, which significantly reduces the costs and facilitates liquidity management,
  • low costs – owing to attractive clearing fees Euro Elixir is competitive as compared to similar systems available to the banks in Europe,
  • compliance with SEPA requirements – each banks participating in the Euro Elixir system has easy access to instruments that allow to effect the clients' payments according to the uniform European standard,
  • transaction speed – the bank's clients may make payments on the pan-European scale even within one day.

Euro Elixir operates 24/7/365.

It means that all transactions directed by the system participants are received and validated on an ongoing basis. Clearing and settlement of payments are made within four sessions carried out on each clearing day.

Simplified schedule of clearing sessions (without the guarantee of settlement):

Stage Session no 1 Session no 2 Session no 3 Session no 4 Session no 5 Session no 6
Entry opening 3:30 p.m. (D-1) 8:30 a.m. (D) 11:20 a.m. (D) 8:30 a.m. (D) 1:30 p.m. (D) 3:30 p.m. (D)
Entry closing 8:30 a.m. 11:20 a.m. 12:20 p.m. 1:30 p.m. 3:30 p.m. 4:50 p.m.
Processing, clearing 8:30 a.m. 
– 9:30 a.m.
11:20 a.m.
– 11:30 a.m.
12:20 p.m.
– 12:30 p.m.
1:30 p.m.
– 2:00 p.m.
3:30 p.m.
– 4:10 p.m.
4:50 p.m.
– 5:20 p.m.

9:30 a.m.
– 10:30 a.m.

11:30 a.m.
– 11:50 a.m.
12:30 p.m.
– 12:50 p.m.
2:00 p.m.
– 3:00 p.m.
4:10 p.m.
– 4:45 p.m.
5:20 p.m.
– 5:35 p.m.
Exit from 9:30 a.m

from 11:30 a.m.

from 12:30 p.m. from 2:00 p.m.

from 4:10 p.m.

from 5:20 p.m.
Reports after 10:30 a.m. after 11:50 a.m. after 12:50 p.m. after 3:00 p.m. after 4:45 p.m. after 5:40 p.m.

The execution of intra-system payments is always performed within the session to which they have been sent, so they are finalized on the same day. Under the inter-system transactions, the settlement is performed in two stages, therefore, the date of finalization may be different than the date of sending payments for clearing, however, this will not be later than on the next clearing day.



Euro Elixir supports payments in Euro both in domestic and cross-border transactions. The range is determined by the clearing scheme used by the participant. For XCT orders, the clearings are intra-system only, while in the case of the SCT system the range is determined by the boundaries of the Single Euro Payments Area.

List of SEPA countries:

Territory Country code BIC Country code IBAN
Ăland Islands FI FI
Austria AT AT
Azores PT PT
Belgium BE BE
Bulgaria BG BG
Canary Islands ES ES
Croatia HR HR
Cyprus CY CY
Czech Republic CZ CZ
Denmark DK DK
Estonia EE EE
Finland FI FI
France FR FR
French Guiana GF FR
Germany DE DE
Gibraltar GI GI
Greece GR GR
Guadeloupe GP FR
Guernsey GG GB
Hungary HU HU
Iceland IS IS
Ireland IE IE
Isle of Man IM GB
Italy IT IT
Jersey JE GB
Latvia LV LV
Liechtenstein LI LI
Lithuania LT LT
Luxembourg LU LU
Madeira PT PT
Malta MT MT
Martinique MQ FR
Mayotte YT FR
Monaco MC MC
Netherlands NL NL
Norway NO NO
Poland PL PL
Portugal PT PT
Rèunion RE FR
Romania RO RO
Saint Barthèlemy BL FR
Saint Martin (French part) MF FR
Sain Pierre and Miquelon PM FR
San Marino SM SM
Slovakia SK SK
Slovenia SI SI
Spain ES ES
Sweden SE SE
Switzerland CH CH
United Kingdom GB GB


One of the conditions for gaining the status of a direct participant to the Euro Elixir system is that the given bank should have a BIC identifier and sign two agreements: one with KIR on participating in the system and another one on keeping an account in EUR in TARGET2 system.

Indirect participants to the Euro Elixir system do not need to sign an agreement with KIR or own a subaccount on SSP TARGET2. The inclusion of an indirect participant in the clearing is registered at KIR by the direct participant, who exchanges messages in the Euro Elixir system on their behalf and guarantees liquidity to fulfill clearing commitments.