An original converter composed of interleaved flyback is presented. The cells are interconnected through intercell transformers replacing the standard multi-winding inductors used as insulation and storage magnetic device in the flyback. The combination of the interleaving effects and of the intercell transformer characteristics allows eliminating the mains limitations of the standard flyback due to the low performances of multiwindings inductors. In a first part, the different ways to interleave galvanic insulated converters as forward or flyback are briefly recalled. The second part presents the intercell transformers and shows that they can be used to interconnect interleaved converters cells. In the third and last part, this particular magnetic interconnection is applied to interleaved flyback cells and leads to create an ldquointercell transformer flybackrdquo. Its specific properties and advantages are described. Experimental results, obtained on a 2-kW test bench are finally presented.