In your view, which of the following initiatives will have the greatest impact on the European payments market?

European Commission proposal for revised Payment Services Directive (PSD2)
European Commission proposal for new Regulation on interchange fees for card-based payment transactions
Work programme of Euro Retail Payments Board, chaired by European Central Bank
SecuRe Pay Forum recommendations for security of internet payments; for payment account access services; for security of mobile payments
Guidelines and technical standards issued by European Banking Authority pursuant to mandate provided by proposed PSD2 (Articles 86, 87)
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European Commission Proposes Separate Deadlines for Migration to SEPA Credit Transfer and SEPA Direct Debit - EPC Advocates Setting One End Date Viewed 5712 times

26-07-2011 By Gerard Hartsink, Chair of the EPC

The majority of market participants recognise the value of setting a deadline for migration to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes developed by the European Payments Council (EPC) at the request of European authorities and in close dialogue with customer representatives. The EPC shares the view that an end date for phasing out legacy euro payment schemes for credit transfers and direct debits ensures planning security for all market participants.

 

In December 2010, the European Commission published a proposal for a Regulation establishing technical requirements for credit transfers and direct debits in euros and amending Regulation (EC) No 924/2009. This legislative initiative is commonly referred to as the forthcoming SEPA Regulation expected to also define mandatory deadlines for migration to harmonised European payment schemes. The European Commission proposes to set separate deadlines for migration to European credit transfer and direct debit schemes. It states in its SEPA Regulation proposal that credit transfers will have to comply with the technical requirements twelve months after the Regulation coming into force; direct debits will have to comply 24 months after entry into force. The EPC advocates setting one end date at European Union (EU) level for migration to SCT and SDD. This would spare bank customers such as businesses and public administrations the duplication of implementation efforts and required resources.

 

The European Commission proposal for a SEPA Regulation was reviewed by the Economic and Monetary Affairs Committee (ECON) of the European Parliament and the European Council representing EU Member States during the first half of 2011. The EPC welcomes that the members of the European Parliament represented in the ECON also suggest setting one end date. According to the ECON, both euro credit transfers and direct debits should comply with the forthcoming SEPA Regulation 24 months after this Regulation comes into force.

 

In a next step, the European Parliament together with the European Council representing EU Member States and the European Commission will engage in a trialogue on the forthcoming SEPA Regulation which is expected to be adopted in 2011. One open question these institutions must resolve is this: will the Regulation establish one or two separate end date(s) for migration to harmonised European credit transfer and direct debit schemes?

 

What is your view? Join the discussion and have your say: please share your opinion using the comment functionality below.

 

For more information and related links, please view the page 'SEPA Vision and Goals' on the EPC Website.


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Previous entries

07.08.14Summer Reading: Food for Thought on the Future of European Payments, Contributed to the EPC Newsletter by Experts Representing Various Market Segments

17.07.141 August 2014 Does Not Mark the End of the Migration Process. Get Ready for SEPA 2016. Act Now

01.07.14Participate in New EPC Poll: In Your View, Which Regulatory Initiatives Will Have the Greatest Impact on the European Payments Market Going Forward?

12.06.14PSD2: EPC Calls on EU Lawmakers to Maintain the Firewall Protecting Consumers Making Internet Payments. This Means: No Sharing of Any Personalised Security Credentials with Third Parties

19.05.14EPC Launches Three-Month Public Consultation on the Evolution of the SEPA Credit Transfer and SEPA Direct Debit Schemes. All Stakeholders are Invited to Provide Feedback by 15 August 2014

06.05.14Join the Debate on the Further Evolution of the SEPA Credit Transfer and SEPA Direct Debit Schemes: Less Flexibility, More Harmonisation? An Overview of the Options, Variations, Exceptions and Exemptions Possible in SEPA Today

15.04.14PSD2: The New Article 67, (‘Refunds for Payment Transactions Initiated By or Through a Payee’), Proposed by the European Commission Risks Undermining Consumer’s Unconditional Refund Right for Direct Debits Included with the SEPA Direct Debit Core Scheme

25.03.14PSD2: EPC Identifies Considerable Scope for Amendments of the Proposed New Set of Rules Related to the Activity of Third Party Payment Service Providers Offering Payment Initiation or Payment Account Information Services

20.02.14Don't Count on 1 August 2014: Different SEPA Migration Deadlines Apply Across the Euro Area During the “Additional Transition Period” Agreed by the European Commission, the European Parliament and EU Governments

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17.12.13The Proof of the Pudding is in the Eating: SEPA Benefits Identified by Businesses and Public Administrations

28.11.13SEPA Fact Check: the SEPA Benefits Projected by EU Governments, the European Parliament, the European Commission and the European Central Bank

08.11.13SEPA Fact Check: the Rationale for SEPA as Defined by the EU Governments, the European Parliament, the European Commission and the European Central Bank Driving the SEPA Programme and Determining the SEPA Compliance Requirements

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10.10.13Next Generation SEPA Credit Transfer and SEPA Direct Debit Rulebooks Will be Published in November 2014 to Take Effect in November 2015. EPC Invites Suggestions for Changes by 28 February 2014

25.09.13ISO 20022 is the New Language of Payments! The Standards Forum Launched the 'ISO 20022 Adoption mApp' Featuring Information on More than 60 ISO 20022 Initiatives Globally

27.08.13On the Difference between Innovation and the Wild West: How to Ensure the Security of Bank Customers´ Funds and Data with Payment Account Access Services

01.08.13Talking about SEPA to Small Businesses? Food for Thought for Public Authorities, Banks and Other Service Providers: “Keep it Simple,” Says the Owner of Dance and Gymnastics School Girlfriends (45 Direct Debit Collections per Month)

08.07.13EPC and Cards Stakeholders Group Launch Public Consultation on Security Requirements for Remote Payments – All Interested Parties are Invited to Provide Feedback by 4 August 2013