EBA Clearing and Iberpay Activate Link for SEPA Direct Debits
EBA Clearing and Iberpay have activated a link for exchanging single euro payments area (SEPA) Direct Debits (SDDs) between Iberpay and the STEP2 platform. With this new link, Iberpay and EBA Clearing are further expanding their co-operation, which started in January 2008 when a connection between both platforms was implemented for SEPA Credit Transfers (SCTs).
These links allow financial institutions that participate in the Iberpay system to exchange SEPA payments with banks in 32 European countries. In addition, the links help to ensure full reachability in Spain for EBA Clearing’s pan-European automated clearing house (PE-ACH) services by providing STEP2 access to those banks that are not connected to the platform.
“Iberpay’s co-operation with EBA Clearing provides our users with efficient solutions for exchanging both SCTs and SDDs among financial institutions in the single euro payments area. Since the connection to STEP2 is established and hosted by Iberpay, our institutions can benefit from the advantages in efficiency and cost-effectiveness of sending all their payments through one single channel,” said Manuel Cobo, chairman of the board of Iberpay.