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The EPC develops the SEPA payment schemes and frameworks based on global technical standards. The schemes are key elements required to making SEPA a reality. The EPC, however, is not responsible for the overall management of the SEPA process. This is the task of the relevant public authorities. Payment service users are a very important partner in the process.
The SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes are developed by the EPC in close dialogue with the entire European payment community (demand and supply sides), and have evolved based on an open and inclusive scheme change management process. This process provides all stakeholders with the opportunity to introduce actively suggestions for modifications to the schemes and to take part in the annual three-month public consultation on updates to be incorporated into the schemes.
It should be noted that some suggestions for changes to the schemes repeatedly brought forth by specific interest groups fail to find broad support on both the demand and supply sides of the entire SEPA payment market. The EPC, however, is bound to respect majority views as identified during the annual public consultation on scheme development. As a result, the EPC cannot incorporate such requests into the SCT and or SDD Schemes which lack broad support.
As such, the SEPA process was never ‘driven exclusively by the banking industry'. Anyone who feels that the EU decision-making process is at fault is certainly free to challenge the EU institutions on the matter, however should refrain from fabricating a ‘SEPA governance issue'.