Provisions of the Bank of Italy containing instructions for the implementation of Regulation 260/2012 of the European Parliament and of the Council establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No. 924/2009

On 12 February 2013 the Bank of Italy issued the instructions for implementing Regulation (EU) No. 260/2012 establishing requirements and terms for migration to harmonized SEPA-compliant national credit transfers and direct debits. According to the Regulation, as of 1 February 2014, national credit transfers and direct debits must be replaced by the equivalent SEPA services. The aim is to promote the use of harmonized, efficient and secure payment services across Europe. The instructions indicate precisely the national payment services corresponding to the credit transfer and direct debit services governed by the Regulation and destined to migrate to SEPA standards. They also allow some waivers for member states, as stated in the Regulation, and more generally make it easier for the market and users to adopt the new pan-European payment services.