20 July 2018
Visit www.avoka.com

ICBPI, Bank of Italy and EBA Clearing partner to smooth Sepa processing for Italian Banks

17 September 2013  |  1832 views  |  0 Source: EBA Clearing

Italyʹs Istituto Centrale delle Banche Popolari Italiane (ICBPI) and EBA Clearing announced an agreement to ensure full interoperability between the banks using ICBPI's payment systems and those in the other Countries included in the Single Euro Payments Area (SEPA) for exchange, clearing and settlement transactions.

Bank of Italy will act as ICBPI'ʹs settlement bank based on the funds received by the banks.

Eba Clearing, ICBPI and Bank of Italy have been cooperating for a long time to successfully complete the migration to SEPA. The interoperability agreement will be a part of two-­‐‑step process. The Banks using ICBPI'ʹs systems will be fully compliant and therefore will benefit from all the advantages of euro-­‐‑zone integration as far as payments are concerned.

By February 1st, 2014 all domestic payment systems of individual Countries for bank transfers, direct debits and payment cards are required to migrate to the SEPA model. The agreement between ICBPI and EBA Clearing allows to comply with the deadlines established by the relevant regulations.

"ʺEBA Clearing has been processing a large share of Italian domestic payments since 2006, and we have always been striving to ensure that all operations run smoothly and with a view to the SEPA migration"ʺ, says Gilber Lichter, CEO of EBA CLEARING. "ʺWith this agreement, EBA CLEARING, as the main operator, will be ready and set to guarantee that SEPA is successful"ʺ.

"We are very satisfied with this result. Thanks to the cooperation with EBA Clearing and Bank of Italy, an important step has been taken towards the realization of SEPA"ʺ, says Giuseppe Capponcelli, CEO of ICBPI. "ʺOnce again, ICBPI proves to be one of the key players in the programme and consolidates its strategic role as a Systemic Bank, capable of offering its customers fresh opportunities to improve their profitability, increasing revenues and cutting costs. To this perspective, we will continue to actively participate in all the projects aimed at euro-­‐‑zone harmonisation". 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit http://go.jumio.com/finextraAdVisit iliad-solutions.com/

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12967 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10441 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9782 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6827 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6649 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY USA

Find your next job