Singapore, 20 October 2003

Italian EBA Banks Decide to Migrate their Domestic Payments Traffic to STEP2

The EBA Clearing Company announced today that the Italian EBA banks have confirmed their intention to progressively migrate domestic payments traffic to the STEP 2 system, in the framework of the SEPA concentric model. A specific working group within ABI, the Italian Banking Association, has been created in the aim to explore the possible way(s) for the migration and to facilitate the discussion with the whole Italian Banking community.

“We are very delighted at the cooperation of the Italian banks,” said Gilbert Lichter, CEO of EBA Clearing, “The design of STEP2 enables a rapid migration of a domestic community’s payments to PE-ACH along the lines of the EPC’s Concentric Model approach.”