The mandate was awarded as the result of a tendering process in which all banks in Europe were invited to take part. The total transaction will amount to more than 1.6 million international payments with a volume of over EUR33bn.
European Commission’s decision to process payment transactions via SEPA in the future and to focus on four banks means it will progressively abandon the previous model in which local banks in every European state were responsible for processing the respective payments.
Sergio Ermotti, deputy CEO of UniCredit, said: “This mandate shows the quality of our Global Transaction Banking capabilities that allows us to serve our clients in 22 European countries.”
Marco Bolgiani, head of global transaction banking at UniCredit, said: “The crucial factor for the European Commission’s positive decision was our strong commitment to SEPA, together with our large network all over Europe. With a share of between 25 and 35% of the total volume, we have proved our competitiveness once again.”
