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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 7592 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

20.09.16Getting ready to make the first SEPA Instant Credit Transfers possible in November 2017

30.06.16Ensuring successful SCT Inst development: A CSM’s perspective

14.06.16Reflections on the progress towards pan-European instant payments in euro

02.06.16Creating a more uniform consumer experience for contactless proximity payments

04.05.16The view of Swedish instant payment players on the SCT Inst scheme

14.04.16Flexibility and transparency are key to the SCT Inst scheme

07.04.16Public consultations on the SCT and SDD rulebooks: the main change requests explained

24.03.16GLEIF proposes using the Legal Entity Identifier for passporting under Article 28 (5) of PSD2

07.03.16Strengthening the fight against terrorist financing: the Commission’s thoughts that will guide the forthcoming legislative proposal

07.01.16The SEPA Cards Standardisation Volume is now equipped to face up to the challenge of remote payments

03.12.15The EPC is in the front line for achieving the ERPB’s objectives that stemmed from its November meeting

27.11.15The EPC Publishes its Proposal for the Design of an Instant Credit Transfer Scheme: a Major Step in the Development of Pan-European Instant Payments in Euro

19.11.15The SEPA Cards Framework bows out after ten years of good and faithful service

20.10.15In January 2016, the EPC is Hosting a Workshop on Person-to-Person Mobile Payments: a Great Opportunity for Stakeholders to Contribute to Pan-European Interoperability

07.08.15Summer Reading: Results of Latest EPC Poll Reveal That Instant Payments are Most Likely to Trigger the Next Wave of Innovation

10.07.15Update on outcomes following the Euro Retail Payments Board’s third meeting: Instant Payments in Euro, Person-to-Person Mobile Payments, Technical Standards Related to Payment Cards and E-invoicing Payment Issues

18.06.15PSD2: Almost final – a state of play

01.06.15Friendly Reminder: Suggestions for Changes to SEPA Credit Transfer and SEPA Direct Debit Rulebooks Are Invited by 31 December 2015

08.05.15Fresh Perspectives and New Technologies Shaping Innovation in Payments: a Closer Look at the U.S., Australia and Europe

17.04.15EPC Calls for Candidates Seeking Appointment to the EPC Scheme End-User Forum or the EPC Scheme Technical Forum. Applications are Invited by 8 May 2015