06 September 2013

EPC: ECB publishes qualitative SEPA indicators for the second quarter of 2013 to assess SEPA progress by stakeholder groups at country level

The ECB published updated qualitative SEPA indicators to assess SEPA preparedness across the transaction chain in each country. The qualitative indicators measure the level of SEPA preparedness by stakeholder groups at country level.

The qualitative SEPA indicators take into account the specificities of the respective country with regard to migration progress by ‘big billers’, public administrations, small and medium-sized enterprises (SMEs) and payment service providers (PSPs). Non-euro area European Union (EU) countries participate in this exercise on a voluntary basis only. The qualitative SEPA indicators are updated quarterly by the national central banks. The assessment is based on a ‘traffic light system’.

In February 2012, the European legislator adopted the ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ (the SEPA Regulation), which defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. Effectively, this means that as of this date, existing national euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD).

The most recent qualitative indicators, which reflect the assessment by national central banks as of the second quarter of 2013, provide the following outlook with regard to SEPA readiness of stakeholders in the 17 euro area countries by 1 February, 2014:

• All PSPs will be ready. In the majority of euro area countries, PSPs have already completed preparations.
• ‘Big billers’ in almost all euro area countries will be ready. It currently appears that the corporate sector in Germany might not complete migration to SDD, while corporates in Estonia might not complete migration to SCT.
• Public administrations in almost all euro area countries will be ready. It currently appears that public administrations in Germany might not complete migration to SDD, while public administrations in Estonia might not complete migration to SCT.
• SMEs in Cyprus, France, Germany and Spain are at risk of missing the 1 February 2014 deadline with regard to both SCT and SDD. SMEs in Estonia might not complete migration to SCT; SMEs in Luxembourg might not complete migration to SDD.

With its SEPA-conclusions of May 2013, the Council of the EU representing EU Member States called upon “all Member States to significantly intensify communication measures primarily at national level to eliminate existing public awareness gaps". These communication measures, states the Council of the EU, should especially target “SMEs, small public administrations and local authorities". The Council of the EU underlines that the provisions of the SEPA Regulation “have to be fully respected by all market participants in euro area Member States”, and emphasises that “competent authorities should cooperate intensively, on a national and international level, to ensure effective and harmonised compliance with the Regulation".

Press release

ECB-report

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