International relationships and Payment systems

The Central Bank holds and manages relationships with supranational financial bodies, central banks, banking financial intermediaries and other entities, consistently with its own purposes and functions. The Central Bank avails itself of a network of correspondents capable of instructing and receiving transactions directly to and from abroad according to the standards used at an international level.

Interbank communications at an international level are ensured through the use of the Swift network.

The Central Bank adopts the European gross settlement system Target2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System) dedicated to the settlement of transactions in real time, as well as the Italian clearing system BI-COMP (Banca d'Italia-Compensazione).

The Central Bank is a member of the single euro payment area (SEPA) as regards to the following payment instruments:

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• SCT (SEPA Credit Transfer)
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• SDD Core (SEPA Direct Debit Core)
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Additionally, the Central Bank adopts the value added service SEDA - AOS SEDA (electronic alignment of the database within the context of the SDD instrument).

Summary of the participations in International Payment Systems:

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• Target2 - Indirect Participation
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• Bi-Comp - Indirect Participation
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• Sepa Credit Transfer - Participation
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• Sepa Direct Debit Core - Participation
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