EBA Clearing and Iberpay have activated a new link for exchanging Single Euro Payments Area Direct Debits (SEPA DD) between Iberpay and the Step2 platform, a mass payment system in Euro.

According to the EBA Clearing, the new Iberpay-Step2 link allows Iberpay users to benefit from the Europe-wide reach for SEPA DD facilitated by EBA Clearing’s Pan-European Automated Clearing House STEP2. Conversely, the new link supports the full reach of the STEP2 SEPA DD Services in Spain.

In 2008, Iberpay and EBA Clearing have established link for SEPA Credit Transfers. EBA Clearing has said that these links will allow financial institutions that participate in the Iberpay system to exchange SEPA payments with banks in 32 European countries. In addition, the links help to ensure full reachability in Spain for EBA Clearing’s PE-ACH Services by providing STEP2 access to those banks that are not connected to the platform.

Manuel Cobo, chairman of the board of Iberpay, said: “Iberpay’s cooperation with EBA Clearing provides our users with efficient solutions for exchanging both SEPA Credit Transfers and Direct Debits among financial institutions in the SEPA. Since the connection to STEP2 is established and hosted by Iberpay, our institutions can benefit from the advantages in efficiency and cost-effectiveness of sending all their payments through one single channel.”

Giorgio Ferrero, chairman of the board of EBA Clearing, said: “EBA Clearing looks forward to further evolving our cooperation with Iberpay and its user institutions. We are very pleased to establish interoperability for SDD Core and B2B payments with a key infrastructure provider in the Spanish payment market and to offer our communities full reach throughout SEPA for both credit transfers and direct debits.”

EBA Clearing is the bank-owned provider of the Euro1 large-value payment system, the STEP1 payment system for commercial payments and the STEP2 mass payment system in Euro.