EBA Clearing Ready for SDD Scheme Launch

EBA Clearing has announced that its pan-European automated clearing house (PE-ACH) STEP2 is ready to begin processing the single euro payments area (SEPA) Direct Debits (SDD) from 2 November 2009, the date when the new direct debit scheme is launched.

The PE-ACH provider has successfully supported 71 SDD Core banks and 52 SDD B2B banks in carrying out their SDD readiness testing for direct participation in STEP2 prior to the start of the new schemes. From November onwards, over 2,000 direct and indirect participant banks will be able to exchange SDD Core and B2B collections via the STEP2 platform.

“We are very pleased that a substantial number of European payment banks have decided to connect to our PE-ACH platform from day one of the new SDD scheme,” said John Broxis, director, STEP2 services at EBA Clearing. “At EBA Clearing, we are expecting a progressive ramp-up of our SDD Core and B2B offerings, which will certainly gain in speed after a SEPA migration end date has been set. Our STEP2 system is ready to absorb rapidly rising volumes in a smooth fashion and to satisfy the growing needs of our participants around the new SEPA direct debit instruments.”


Related reading

New consumer banking head for Citi Asia Pacific