Agreement on the remuneration of the SEPA-compliant electronic database alignment (SEDA): the Italian Competition Authority censures the conduct of ABI and eleven banks.
PRESS RELEASE
In the course of the proceedings adoption of a new remuneration system that will halve the current costs of the service
At the meeting on 28 April 2017, the Italian Antitrust Authority concluded its investigation, launched against Associazione Bancaria Italiana (ABI) and eleven credit institutions, including leading market operators, into the implementation of a unique and complex agreement intended to establish trading strategies in relation to the new SEDA remuneration model.
This agreement, together with the SEPA, replaced the former direct debit payment system, called Rapporti Interbancari Diretti (RID). The system allows consumers to pay regular charges (for example, household bills) via direct withdrawal from their bank account. At present, the system includes payment itself (SEPA DD) and an information service intended and paid for by the invoice issuers (SEDA).
The Authority has established that, in the transition from the old RID system to the new SEPA system introduced at European level in part to reduce costs, ABI-Associazione bancaria italiana and Unicredit SpA, Intesa SanPaolo S.p.A., ICCREA Banca S.p.A. – Istituto Centrale del Credito Cooperativo, Istituto Centrale delle Banche Popolari Italiane S.p.A., Cassa di Risparmio di Parma e Piacenza S.p.A., Banca Nazionale del Lavoro S.p.A., Banca Monte dei Paschi di Siena S.p.A., UBI Banca S.p.A., Credito Valtellinese S.C.P.A., Banca del Piemonte S.p.A., Banca Sella S.p.A established an agreement restricting competition in violation of Article 101 of the Treaty on the Functioning of the European Union (TFEU).
However, in relation to the peculiarities of the present case, the Authority decided not to impose pecuniary penalties given the non-serious nature of the violation, also in the light of the legal and economic context in which the conduct was undertaken as well as considering that, in the course of the proceedings, the Parties proposed a new system of remuneration for the service, which, if properly implemented by the banks, will halve the current total cost of SEDA to the benefit of user companies and, ultimately, utility end-users.
The companies involved were notified of the proceedings today.
Rome, 15 May 2017