Italian companies must allow the use of non-domestic payment accounts for collections and payments

6 July 2015

The Bank of Italy draws the attention of Italian companies to the need to ensure the necessary technical, administrative and procedural measures to allow their customers to use non-domestic payment accounts for collections and payments. This is in line with the recommendations of the Euro Retail Payments Board, which have been accepted by the Italian Payments Committee.

The EU institutions have underlined the obligation for creditors to make collections from and payments to customers’ accounts with no distinction between domestic and foreign IBANs in order to meet the objectives established by EU Regulation No 260/2012 for the creation of a fully harmonized European retail payments market.

Utility links