EBA ready to process Sepa Direct Debits
(13 October 2009 – Europe) From November, the Euro Banking Association (EBA) Clearing Company will begin SEPA Direct Debits via its Step 2 platform.
The EBA Clearing Company’s Pan-European Automated Clearing House (PE-ACH), named STEP2 will have the ability to exchange Single Euro Payments Area (SEPA) Direct Debits, otherwise known as SDDs.
From the release date on the 2nd of November, 2,000 direct and indirect participant banks will be able to exchange two different types of SDD collections; Core consumer collections and business to business customer collections.
In preparation for the release, SDD readiness testing was done with 71 SDD core banks and 52 SDD business to business banks.
Banks participating in the launch have set up a dedicated STEP2 SDD Implementation Forum to ensure a constant exchange of information prior to and during the SDD launch and ramp-up phase.
John Broxis, director, EBA CLEARING, said that the company is expecting a progressive increase in use of the its offerings, which will gain in speed after a SEPA migration end date has been set.
Mr Broxis noted that the STEP2 system is ready to absorb rapidly rising volumes in a smooth fashion and to satisfy the growing needs of participants around these new SEPA direct debit instruments.
From the release date on the 2nd of November, 2,000 direct and indirect participant banks will be able to exchange two different types of SDD collections; Core consumer collections and business to business customer collections.
In preparation for the release, SDD readiness testing was done with 71 SDD core banks and 52 SDD business to business banks.
Banks participating in the launch have set up a dedicated STEP2 SDD Implementation Forum to ensure a constant exchange of information prior to and during the SDD launch and ramp-up phase.
John Broxis, director, EBA CLEARING, said that the company is expecting a progressive increase in use of the its offerings, which will gain in speed after a SEPA migration end date has been set.
Mr Broxis noted that the STEP2 system is ready to absorb rapidly rising volumes in a smooth fashion and to satisfy the growing needs of participants around these new SEPA direct debit instruments.
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