SIA-SSB Identify 200,000 European Credit Transfers In SEPA's First Week

SIA-SSB recorded around 200,000 European credit transfers with a total value of €1.36bn. This is the figure by at the close of the first week of processing of credit transfers compliant with the new single euro payments area (SEPA) standards that, as of last Monday, sees the participation of banks in the 27 European Union countries, in addition to Switzerland, Norway, Iceland and Liechtenstein. Since the launch date, the number of daily transactions has been growing steadily and, at the time of writing, the highest number of transactions was recorded on Thursday 31 January, when there were over 64,000 credit transfers with a total value of nearly €590m. SIA-SSB has created a technology platform (Shared Platform) to process the new SCTs. This solution is used both by EBA Clearing with STEP2, the first and only pan-European clearing house (PE-ACH) for retail payments in euros to which SIA-SSB is the technological partner, and by SIA-SSB for the operations of Italian banks within SEPA.

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