EBA Clearing has successfully launched its single euro payments area (SEPA) Direct Debit (SDD) processing services. The start of the new SDD Core and business-to-business (B2B) services on the pan-European automated clearing house (PE-ACH) STEP2 coincides with the launch date of the SDD schemes.
To date, more than 2,500 financial institutions have signed the SDD Adherence Agreements of the European Payments Council (EPC). Almost all of these institutions have made themselves reachable via the STEP2 platform.
“The launch of the SDD schemes marks a historic milestone on the road to the single euro payments area. Corporates and consumers now have at their disposal direct debit instruments that can be used for euro payments across 32 countries in Europe,” said Gilbert Lichter, chief executive officer (CEO), EBA Clearing. “At EBA Clearing, we are very pleased to provide the financial industry with the most efficient and cost-effective support in clearing and settling SDDs as of day one of this important chapter in the ramp-up to SEPA.”
A first group of 48 direct participants have connected to the STEP2 SDD Core Service and 37 banks have joined the STEP2 SDD B2B Service as direct participants.
In the next few months, the SDD Implementation Forum initiated by the participant banks will monitor the evolution of the services. The participants’ aim is to swiftly identify and remedy any service or scheme related issues with a view to preparing the ground for the full start-up of SDD processing towards the end of 2010.
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