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The EPC has frequently pointed out that Single Euro Payments Area (SEPA) compliance requirements that must be met by payment service users and providers are determined by the European Union (EU) institutions. These are the European Commission, the European Parliament, the Council of the EU representing EU governments and the European Central Bank (ECB).
The European Commission and the ECB, respectively, have established several dedicated bodies to facilitate the dialogue on the SEPA process with market participants representing various stakeholder groups. The dialogue taking place within these bodies also addresses – and, consequently, impacts – the evolution of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes managed by the EPC.
This EPC Blog offers a brief recap of the roles performed by various actors at the European level with regard to the SEPA payment schemes. It also describes work items initiated by the newly established Euro Retail Payments Board (ERPB), chaired by the ECB, related to SCT and SDD.