EBA Clearing and SIA-SSB Agree On Shared Platform For SEPA Payments
On the basis of this agreement, SIA-SSB will be in a position to offer the banks in Italy SEPA Credit Transfers and SEPA Direct Debits processing services using the technical platform of EBA Clearing’s PEACH, STEP2. The collaboration with EBA Clearing will guarantee banks a SEPA compliant service and full distribution capability to all European counterparts within SEPA. According to SIA, the shared platform approach will facilitate the Italian banks’ migration to SEPA, allowing them to maintain access to the two settlement systems – BI-COMP operated by the Bank of Italy and EURO1 operated by EBA Clearing – minimizing the cost and organizational complexity resulting from the period of duality during which the new SEPA instruments will coexist alongside the current domestic instruments. The shared platform can be reached through two networks, SIANet or SWIFTNet.