Straight-through processing (STP) is the automated handling of a financial transaction from one end of its workflow to the other, with information passed between systems without repeated manual re-entry or reformatting. It is used for payment transfers and securities trades; the stages automated depend on the transaction and system.
What straight-through processing means
The BIS Committee on Payments and Market Infrastructures defines STP as automated end-to-end processing of trades and/or payment transfers. Depending on the workflow, automation can cover confirmation, matching, instruction generation, clearing and settlement. The European Central Bank uses a similar definition and notes that these steps apply “where relevant.” BIS CPMI glossary; ECB payments and markets glossary.
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The key idea is that transaction data is captured and passed forward through connected processing stages rather than being re-keyed or reformatted at each handoff. Canada’s Office of the Superintendent of Financial Institutions describes this as entering data into technical systems once and using it for subsequent transaction processing. OSFI’s 2013 foreign-exchange settlement-risk guideline.
How STP works across a transaction
A transaction may move through several stages, but STP does not require every process to automate the same set. In a securities workflow, for example, processing may extend from trade execution toward settlement. A payment workflow follows the stages relevant to its payment message and system.
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- Capture transaction information. A trade or payment instruction enters a system.
- Pass information between connected steps. Systems exchange usable data without manual re-entry or reformatting.
- Complete applicable processing. This may include confirmation, matching, instruction generation, clearing and settlement.
- Handle exceptions as needed. Incomplete or mismatched information may require attention; automation does not mean every transaction proceeds without intervention.
In securities operations, the Chartered Institute for Securities & Investment describes STP as electronic information passing among transaction participants through compatible information flows, technology and processes. This is an operational explanation, not a universal technical standard. CISI’s Global Securities Operations workbook.
STP is not the same as instant payment or settlement
STP describes how a transaction is processed, not how quickly it completes. It does not by itself mean that a payment is instant, that settlement occurs in real time, or that a transaction is automatically approved. Clearing and settlement are distinct stages that may form part of an automated workflow; they are not synonyms for STP.
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Nor does automation guarantee error-free processing or successful settlement. Systems can still encounter incomplete data, mismatches or other exceptions. The sources define STP and describe regulatory attention to settlement processing, but do not establish a universal error rate, speed improvement or cost saving.
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What to check when comparing STP processes
“STP” alone does not say how much of a workflow is automated. To understand what a particular service or market means by the term, check:
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- Transaction type: Is it a payment transfer, a securities trade or another financial transaction?
- Workflow coverage: Which stages—such as matching, instruction generation, clearing or settlement—are automated?
- Data handling: Is information passed forward without re-keying or reformatting?
- Interoperability: Can the participating systems exchange information in compatible formats and processes?
- Exceptions and oversight: What happens when instructions are incomplete or do not match? Use operational data for the relevant system rather than assuming a universal exception-rate benchmark.
Regulatory context: a proposal is not proof of a current requirement
On February 9, 2022, the U.S. Securities and Exchange Commission announced a proposal to reduce risks in clearance and settlement. Among the proposed measures were policies and procedures to facilitate STP for certain clearing agencies providing central matching services, along with annual progress reporting. The proposal also addressed completing allocations, confirmations and affirmations as soon as technologically practicable on trade date. The announcement describes proposed measures; it should not, on its own, be treated as evidence of a current legal obligation. SEC announcement of the 2022 proposal.
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