EPC Publication: SEPA for Consumers (Brochure) 11.02.14
The European Payments Council (EPC) makes available the brochure 'SEPA for Consumers' which summarises key Single Euro Payments Area (SEPA) concepts relevant for consumers in non-technical language. For additional helpful information, please also refer to the following pages on the EPC Website:
- SEPA Customers.
- International Bank Account Number (IBAN) and Business Identifier Code (BIC).
- SEPA Direct Debit: the Creditor-Driven-Mandate Flow (CMF).
The EPC invites readers to be mindful of the European Union (EU) 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009' (the SEPA Regulation) adopted by the EU legislator in February 2012. The SEPA Regulation defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. In non euro countries, the deadline will be 31 October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). For more information on the SEPA Regulation, refer to this page on the EPC Website: SEPA Legal and Regulatory Framework.
The jurisdictional scope of the SEPA Schemes currently consists of the 28 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland, Monaco and San Marino. Please refer to the EPC List of SEPA Scheme Countries.