13 December 2011

EPC: The 2012 Euro Payments Outlook

The SEPA Regulation is now planned for January or February 2012. Also, Directive 2007/64/EC will be reviewed in 2012. Publishing of the Green Paper (market integration at EU level for card, internet and mobile payments) is expected in January 2012.

Deadlines for SEPA Migration

With adoption of the ‘Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euros' (the SEPA Regulation) now planned for January or February 2012, the EU legislator will set the conditions for mandatory migration to harmonised SEPA payment schemes. According to the latest information, it seems very likely that the SEPA Regulation will define one end date for compliance of euro credit transfers and direct debits with this legislative act (as opposed to two separate end dates). Effectively, this means that existing national euro credit transfer and direct debit schemes will have to be replaced in the euro countries by the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes, most probably by February 2014. For non-euro countries, the date will most probably be 31 October 2016.

PSD Review

Also in 2012, the European Commission will review Directive 2007/64/EC of the European Parliament and of the Council on payment services in the internal market. This Directive is generally referred to as the Payment Services Directive (PSD) which was implemented by most EU Member States in November 2009. The review of this Directive provides the opportunity to identify possible improvements for consideration by the EU legislator.

European Commission Green Paper on Card, Internet and Mobile Payments

Last but not least, in 2012 the European Commission will consider measures supporting market integration at EU level for card, internet and mobile payments on the basis of a green paper consultation. It is expected that the European Commission will publish this green paper in January 2012.

These initiatives in the pipeline demonstrate that in 2012 the integration of the euro payments market will enter a new and decisive phase.

Full information

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