21 September 2005

BdB: Key SEPA project close to implementation

As reported from the Association of German Banks (BdB), the European Payments Council (EPC) has met further important prerequisites for realising the Single Euro Payments Area (SEPA). The European banking industry body with chief responsibility for the integration of euro payment systems adopted drafts of new European schemes for direct debits and credit transfers as well as the SEPA Card Framework (SCF) for the processing of card payments.

The draft schemes will now be submitted to Europe’s national banking industries for consultation and review by each participating country. Successive implementation of the European payment instruments is scheduled to begin after their final adoption by the EPC in December 2005. It is intended that from January 2008 onwards customers will be able to use corresponding products alongside existing payment instruments.

The SEPA credit transfer consolidates the specifications of existing European agreements on cross-border transfers into a single rulebook and thus guarantees standard handling across Europe. The SEPA direct debit is the first instrument to be developed for cross-border direct debit payments and builds on key aspects of the system used in Germany, and the SEPA Cards Framework defines general specifications for card systems where consumers should be able to use t heir cards anywhere in Europe in the same way as they do in their own country.

BdB Press release
ZKA Press release

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