The Italian infrastructure for clearing and settlement of retail payments operated by Banca d'Italia and Istituto Centrale delle Banche Popolari Italiane, and VocaLink are collaborating to establish a link for the exchange of SEPA payments based on the European Automated Clearing House Association interoperability standards. It is hoped that the customers of the two CSMs will thus be able to count on a way of achieving mutual reach with no need for participation in the reachable CSM.

The provision of reciprocal interconnection services between the CSMs managed by VocaLink and ICBPI/Banca d'Italia, allowing them to mutually exchange, and settle in TARGET2, SEPA compliant payments on behalf of their respective banking communities, will contribute to the SEPA aim of developing a fully integrated and competitive retail market with no differences between national and cross-border payments.

VocaLink and ICBPI/Banca d'Italia plan to enable their customers to execute SEPA Credit Transfers already in the course of Q2 2010. Afterwards the CSMs will start assessing the extension of the interoperability to the SDDs as well.