Italian EBA Banks Migrate Domestic Payments Traffic to STEP2
Italian banks have confirmed their intention to progressively migrate domestic payments traffic to the STEP 2 system, according to the EBA Clearing Company. A specific working group within ABI, the Italian Banking Association, has been created in the aim to explore the possible way(s) for the migration and to facilitate discussion with the whole Italian banking community. Eight hundred banks have joined the EBA Clearing Company’s pan-European automated clearing house (ACH) STEP2 as indirect participants. In addition, STEP2 also has 31 direct participants on board and another 18 banks due to join the platform in November.