SEPA timeline

January 1999:

Introduction of the euro in eleven EU countries.

All EU Member States form part of the Economic and Monetary Union (EMU), which can be described as an advanced stage of economic integration based on a single market. It involves close coordination of economic and fiscal policies and, for those countries fulfilling certain conditions, a single monetary policy and a single currency – the euro. The goal of achieving the EMU including a single currency was enshrined in the 1992 Maastricht Treaty (Treaty on European Union), which sets out the ground rules for its introduction. When the euro is launched on 1 January 1999, it becomes the new official currency of eleven EU Member States: Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.

September 1999:

European Central Bank (ECB) states: "Indeed, the single currency environment argues strongly in favour of a single payment area."

The ECB comments: "Despite the introduction of the euro, however, there is still a clear gap between the service levels of domestic and cross-border retail payment systems (...). Indeed, the single currency environment argues strongly in favour of a single payment area."

September 1999:

ECB publishes the report Improving cross-border retail payment services – the Eurosystem's view.

In this report, the ECB states: "Citizens and businesses alike can only benefit fully from the principles of the free movement of goods, services, capital and people if they are able to transfer money as rapidly, reliably and cheaply from one part of the European Union to another as is now the case within each Member State. The introduction of the euro should provide an important contribution to the completion of the Single Market. (...) The Eurosystem intends to become a catalyst for change, initiating regular discussions with the banking and payment service industry in order to facilitate the achievement of euro area agreements which will improve the environment for retail cross-border payments, in particular in the field of standardisation." (The Eurosystem comprises the ECB and the national central banks of those countries that have adopted the euro.)

March 2000:

EU governments set out their SEPA vision in the Lisbon Agenda.

The SEPA vision is set out by EU governments in the Lisbon Agenda, which aims to make the EU more dynamic and competitive. (The Lisbon Agenda was succeeded by the Europe 2020 Strategy launched in March 2010.)

September 2000:

ECB publishes the report Improving cross-border retail payment services – progress report.

The ECB states: "In September 1999 the Eurosystem published a report entitled 'Improving cross-border retail payment services – the Eurosystem's view' (the '1999 Report'). The 1999 Report recognised that the service level for cross-border credit transfers within the euro area is far removed from the service level for domestic credit transfers, although a single currency environment would require a single payment area (…). To launch the discussion and give a clear signal to the banking and payment systems industry, the Eurosystem defined seven objectives for the industry to fulfil by 1 January 2002."

November 2000:

European Commission states: "The Commission's political objective is exactly that: a modern Single Payment Area for the entire EU where there is no frontier effect for cross-border payments."

Commissioner Frits Bolkestein, in charge of the Internal Market and Taxation, states: "The Commission's political objective is exactly that: a modern Single Payment Area for the entire EU where there is no frontier effect for cross-border payments. (…) Therefore the Commission promotes all efforts in this direction: once the payments industry has finalised its proposals, the Commission is prepared to inform widely the European citizen about the availability of a low-price Straight-Through Processing (STP) cross-border retail payment based on IBAN and BIC."

January 2001:

Greece adopts the euro.

With Greece, the euro area, in 2001, comprises twelve EU Member States.

December 2001:

EU co-legislators, i.e. the European Parliament and the Council of the EU representing EU governments, adopt Regulation (EC) No 2560/2001 on cross-border payments in euro.

The European lawmakers lay the foundations of the SEPA policy through this Regulation, which states that payment service providers (PSPs) are not permitted to impose different charges for domestic and cross-border payments or automated teller machine (ATM) withdrawals in euro within the EU. This Regulation is generally understood as a turning point in the financial integration policy of the European lawmakers beyond its formal stipulations, as the Regulation is clearly intended to shock the banking sector into stepping up its efforts to help realise the political SEPA vision. (Regulation (EC) No 2560/2001 was superseded by Regulation (EC) No 924/2009 adopted in 2009).

January 2002:

Introduction of euro coins and bank notes in twelve EU countries.

Since 1 January 2002 the euro is circulating in physical form, as banknotes and coins in twelve EU countries: Belgium, Germany, Greece, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.

May 2002:

Commission publishes the working document A Possible Legal Framework for the Single Payment Area in the Internal Market. This initiative results in the adoption of the Payment Services Directive by the EU co-legislators in 2007.

The Commission recognises that integration of the euro payments market would only be possible within a common legal environment that would remove the local anomalies and differences. This working document (published for consultation) leads to the Commission proposal for a 'Directive for a New Legal Framework for Payments in the Internal Market', published in December 2005. This Directive, eventually entitled 'Directive 2007/64/EC on payment services in the internal market' is adopted by the EU co-legislators in November 2007. This legislative act is generally referred to as the Payment Services Directive (PSD). The PSD is implemented in most EU Member States by November 2009.

June 2002:

The European banking industry creates the European Payments Council (EPC). At the request of the EU authorities the EPC commits to develop, in close dialogue with all stakeholders, the harmonised electronic euro payment schemes which help to realise the political SEPA vision.

When the EU governments and EU institutions first launched the SEPA process in the late 1990s, the EU authorities expected the banking industry to contribute the resources required to develop European instruments for electronic euro payments. In response to these expectations repeatedly articulated by the EU authorities, the European banking sector creates the EPC in 2002. In close dialogue with the stakeholder community, the EPC developed, among other things, the SEPA Credit Transfer (SCT), SEPA Direct Debit (SDD), and SEPA Instant Credit Transfer schemes. The EPC is not part of the EU institutional framework. The EPC is one stakeholder group among many impacted by the policy-maker-driven SEPA programme, and is not responsible for the overall management of the SEPA process.

June 2003:

ECB publishes the report Towards a Single Euro Payments Area – progress report.

In this report, the ECB states: "Banks have recently agreed on a governance structure, with the European Payments Council (EPC) as their central decision-making body [in relation to payments] and several working groups providing the EPC with input on strategic issues. (...) The Eurosystem very much welcomes the decisions taken and general commitments made by the EPC. The entire banking community must now properly implement these decisions. (...) The Eurosystem will closely monitor the implementation of the EPC's decisions." The ECB publishes seven SEPA progress reports altogether between 2003 and 2010.

March 2004:

EPC agrees the 'Roadmap 2004 – 2010'.

With this roadmap, the EPC confirms its commitment to support the integration of the euro payments market as envisaged by the political drivers of the SEPA initiative. The roadmap sets out the deliverables to be contributed by the EPC in the period 2004 through 2010 which help to realise SEPA.

September 2005:

EPC approves the SEPA Cards Framework and releases draft versions of the SEPA Credit Transfer and SEPA Direct Debit rulebooks for consultation.

The EPC comments: "The SEPA Credit Transfer (SCT) scheme will establish a set of interbank rules, practices and standards to be observed by credit institutions. It will allow the banking industry in SEPA to offer a core credit transfer product to customers in euro. As a result, customers and banks will be able to make credit transfers in euro throughout SEPA as easily and efficiently as they do today in their local market. Similarly, the SEPA Direct Debit (SDD) scheme will provide a set of interbank rules, practices and standards which will allow the banking industry in SEPA to offer a pan-European direct debit product in euro to customers." The SEPA Cards Framework outlines high level principles and rules that when implemented by the card industry, will deliver a consistent user experience to both cardholders and merchants when making or accepting euro payments or cash withdrawals. It is now retired, as it has been made obsolete notably by the Interchange Fee Regulation and the SEPA Cards Standardisation Volume.

December 2005:

Commission publishes its proposal for a 'Directive for a New Legal Framework for Payments in the Internal Market'.

This Directive, eventually entitled 'Directive 2007/64/EC on payment services in the internal market' is adopted by the EU co-legislators, i.e. the European Parliament and the Council of the EU representing EU governments, in November 2007. This legislative act is generally referred to as the Payment Services Directive (PSD). For more information, see also 'November 2007' and 'November 2009' in this timeline.

February 2006:

Commission publishes its 'Consultative paper on SEPA incentives'.

In this paper, the Commission states: "The integration of the non-cash payments systems in Europe is the logical follow-up to the introduction of the euro. It is expected that the realisation of the Single Euro Payment Area will result in tremendous gains and potential savings for society and bring benefits to all stakeholders. (...) However, whilst the preference is for market-led solutions, regulatory action is not ruled out where there is a risk of market failure that could put the economy wide benefits of the project at risk." (To view the response of the EPC click here.)

March 2006:

Switzerland becomes part of the EPC SEPA schemes geographical scope.

Switzerland is as of March 2006 part of the geographical scope of the SEPA schemes.

May 2006:

ECB and Commission reiterate in a joint statement: "The introduction of the euro as the single currency of the euro area will only be completed when SEPA has become a reality."

They comment in a joint statement: "The introduction of the euro as the single currency of the euro area will only be completed when SEPA has become a reality, i.e. when consumers, businesses and governments are able to make cashless payments throughout the euro area from a single payment account anywhere in the euro area using a single set of payment instruments as easily, efficiently and safely as they can make payments today in the domestic context."

January 2007:

Slovenia adopts the euro.

With Slovenia, the euro area, in 2007, comprises 13 EU Member States.

November 2007:

EU co-legislators, i.e. the European Parliament and the Council of the EU representing EU governments, adopt the Payment Services Directive (PSD).

The Directive 2007/64/EC of the European Parliament and of the Council of the EU of 13 November 2007 on payment services in the internal market is generally referred to as the Payment Services Directive (PSD). The PSD aims at establishing a modern and comprehensive set of rules applicable to all electronic payment services – not just SEPA services – in the EU. The PSD is not a 'SEPA Directive', but rather, the very broad and ambitious scope of the PSD makes it the most significant and comprehensive piece of EU financial services legislation ever seen in relation to the payments market. The PSD is of particular relevance with respect to SEPA Direct Debit services due to the fact that it defines common rules for the authorisation and the refund of direct debits. The PSD is implemented in most EU Member States by 1 November 2009.

January 2008:

Cyprus and Malta adopt the euro.

With Cyprus and Malta, the euro area, in 2008, comprises 15 EU Member States.

January 2008:

EPC launches the SEPA Credit Transfer (SCT) scheme.

On this occasion, Charlie McCreevy, EU Commissioner for Internal Market and Services notes: "Today is a historic day for European payments (...). The SEPA project has moved from preparation to practice, from theory to reality. We should congratulate the EPC on this tremendous achievement." The SCT scheme enables PSPs to offer a core and basic credit transfer service throughout SEPA for either single or bulk payments. The scheme's standards facilitate payment initiation, processing and reconciliation, based on straight-through-processing. The scope is limited to payments made in euro, within the SEPA scheme countries.

October 2008:

Commission establishes EU Forum of National SEPA Coordination Committees.

SEPA migration is coordinated at national level. In October 2008, the European Commission establishes the EU Forum of National SEPA Coordination Committees. It provides an opportunity for national SEPA Coordination Committees to familiarise themselves with the activities of their European counterparts, debate issues of common interest with the EU institutions and exchange information and good practices about SEPA migration. The forum is chaired by the Commission.

January 2009:

Slovakia adopts the euro.

With Slovakia, the euro area, in 2009, comprises 16 EU Member States.

March 2009:

European Parliament calls on Commission "to set a clear, appropriate and binding end-date (...) for migrating to SEPA instruments, after which all payments in euro must be made using the SEPA standards".

The European Parliament reiterates: "SEPA is (...) a major public policy initiative reinforcing the Economic and Monetary Union and the Lisbon Agenda. (...) Whereas no legally binding end-date for migration to SEPA instruments has been set, and whereas all parties involved now agree that setting such an end-date is imperative for SEPA to be successful. (...) [The European Parliament] calls on the Commission to set a clear, appropriate and binding end-date (...) for migrating to SEPA instruments, after which all payments in euro must be made using the SEPA standards." (The European Parliament reiterated its call to establish binding deadlines for migration to SEPA again in March 2010.)

March 2009:

Monaco becomes part of the EPC SEPA schemes geographical scope.

Monaco is as of March 2009 part of the geographical scope of the SEPA schemes.

June 2009:

Mayotte and Saint-Pierre-et-Miquelon become part of the EPC SEPA schemes geographical scope.

Mayotte and Saint-Pierre-et-Miquelon are as of June 2009 part of the geographical scope of the SEPA schemes.

September 2009:

EU co-legislators, i.e. the European Parliament and the Council of the EU, adopt Regulation (EC) No 924/2009 on cross-border payments in the Community.

This Regulation, repealing Regulation (EC) No 2560/2001, introduces additional provisions to further promote EU financial integration in general and SEPA implementation in particular. Article 8 of this legislative act stipulates that all branches of PSPs in the euro area reachable for direct debits at national level must be reachable for cross-border direct debits, e.g. the SEPA Direct Debit Core scheme, from 1 November 2010.

September 2009:

Commission public consultation on SEPA migration shows: a majority of respondents call "for a regulation at European level so as to provide a clear signal to market participants that SEPA migration was now irreversible".

The Commission services publish the results of a public consultation on whether and how deadlines should be set for the migration of existing national credit transfers and direct debits to the new harmonised SEPA payment schemes. In response to this consultation carried out by the Commission, a majority of respondents echoes requests by the ECB, the European Parliament and the Council of the EU "for a regulation at European level [establishing mandatory SEPA migration deadlines] so as to provide a clear signal to market participants that SEPA migration was now irreversible".

November 2009:

The Payment Services Directive is implemented in most EU Member States.

The PSD (Directive 2007/64/EC of the European Parliament and of the Council of the EU of 13 November 2007 on payment services in the internal market) aims at establishing a modern and comprehensive set of rules applicable to all electronic payment services – not just SEPA services – in the EU.

November 2009:

EPC launches SEPA Direct Debit (SDD) Core and SDD Business-to-Business (B2B) schemes.

Charlie McCreevy, EU Commissioner for Internal Market and Services notes: "I am pleased that banks and the EPC have maintained their commitment to the project and are pushing ahead with the delivery of SEPA. (...) The EPC SDD scheme is (...) truly innovative." Gertrude Tumpel-Gugerell, then Member of the Executive Board of the ECB, concludes: "Celebrating the SDD launch today is indeed very reassuring for the whole SEPA process. (...) The SEPA project has already delivered its first results. These will also form the basis for innovative new developments in payments. (...) More than 2,500 banks have already signed up for the SDD service, which is an outstanding achievement. The launch of the SDD marks a further step forward in the process of European integration towards a single payments area."

May 2010:

Commission publishes its communication A Digital Agenda for Europe.

The impact of SEPA transcends monetary policy and payment services. The Commission expects the legal and technical SEPA harmonisation exercise to streamline business processes by replacing paper-based procedures with standardised electronic solutions such as e-invoicing, for example. These objectives are also set out in the Commission Communication A Digital Agenda for Europe. It defines the key enabling role that the use of information and communication technologies will have to play if Europe wants to succeed in its ambitions for 2020. It is one of seven flagship initiatives of the European Commission's 'Europe 2020 Strategy'. Section 2.1.2 of the Digital Agenda for Europe specifically addresses the SEPA initiative.

June 2010:

Commission and ECB establish the SEPA Council.

The SEPA Council brings together representatives from both the demand and supply sides of the payments market, including the EPC. The objective of the SEPA Council is to promote the realisation of an integrated euro retail payments market by fostering consensus between all major stakeholders on the next steps towards the full realisation of SEPA. At its inaugural meeting in June 2010, the SEPA Council endorses a formal declaration stressing their "strong support for the establishment of end-date(s) for migration to SEPA Credit Transfers and SEPA Direct Debits by means of legislation at EU level". (On 19 December 2013 the ECB announced the launch of the Euro Retail Payments Board (ERPB). This new entity replaces the SEPA Council.)

October 2010:

Eurosystem publishes oversight frameworks for credit transfer and direct debit schemes.

The Eurosystem publishes the final versions of the 'Oversight Framework for Credit Transfer Schemes' and the 'Oversight Framework for Direct Debit Schemes.' The ECB states: "The new frameworks will help strengthen the soundness and efficiency of credit transfers and direct debits schemes by highlighting risks that could have an overall impact on the confidence of users of the instrument. In this way, they will ultimately contribute to maintaining confidence in the currency and promoting an efficient economy. (…) The Eurosystem will apply these frameworks to the SEPA credit transfer scheme and the SEPA direct debit scheme."

November 2010:

As mandated with Regulation (EC) 924/2009 all branches of PSPs in the euro area reachable for direct debits at national level must be reachable for cross-border direct debits, e.g. the SEPA Direct Debit Core scheme.

The European Parliament and the Council of the EU adopted 'Regulation (EC) No 924/2009 on cross-border payments in the community and repealing Regulation (EC) No 2560/2001' in September 2009. Article 8 of this legislative act stipulates that all branches of payment service providers in the euro area reachable for direct debits at national level must be reachable for cross-border direct debits, e.g. the SEPA Direct Debit Core Scheme, from 1 November 2010.

December 2010:

Commission introduces proposal for EU Regulation which defines mandatory deadlines for migration to SEPA.

The Commission publishes the proposal for an EU Regulation to effectively mandate deadlines for migration to SEPA. (The European Parliament and the Council of the EU reached agreement on the 1 February 2014 deadline for migration to SEPA applicable in the euro area in December 2011. The 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' entered into force in March 2012. See 'February 2012' on this timeline for details.)

January 2011:

Estonia adopts the euro.

With Estonia, the euro area comprises 17 EU Member States.

January 2012:

Commission publishes its Green Paper Towards an Integrated European Market for Card, Internet and Mobile Payments.

The aim of the Green Paper (published for a three-month consultation) according to the Commission, is to identify the obstacles that could potentially prevent integration in this area. The Commission states that the contributions to the consultation would determine the need for EU action on the various issues raised in the Green Paper and the form this action would take. Click here to read the EPC response, which outlined key policy considerations that, in its view, should be observed when determining the need for EU action impacting the European market for card, internet and mobile payments. The EPC did not support a number of related assumptions and suggestions put forth in the Green Paper, and believed that many of those suggestions would not help achieve the stated objectives and may even undermine their realisation.

February 2012:

EU co-legislators, i.e. the European Parliament and the Council of the EU, adopt Regulation (EU) No 260/2012. This legislative act effectively mandates migration to SEPA.

The 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' is also known as the SEPA Regulation. Article 6(1) and (2) of the SEPA Regulation mandates that credit transfers and direct debits (in the euro area) shall be carried out in accordance with the relevant requirements set out in Article 5 and in the Annex to the Regulation by 1 February 2014, subject to certain limited exemptions mentioned in the Regulation. The deadline in non-euro countries is 31 October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes are replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). This legislative act enters into force on 31 March 2012.

The SCT and SDD Schemes, developed by the EPC, have to comply with the technical requirements detailed in Article 5 and in the Annex to the SEPA Regulation.

March 2013:

ECB publishes first SEPA migration report.

The ECB publishes its first report on the migration towards SEPA. It shows that "most corporations have already completed the planning phase and know what SEPA will mean for them in practical terms. However, when it comes to the actual implementation, a number of companies have adopted very late internal deadlines, even as far as to the end of 2013. (…) More worryingly, small and medium Enterprises' (SMEs) and local public administrations' awareness of SEPA is still fragmented and the level of preparedness is rather poor." The Eurosystem strongly advocates "that all stakeholders, including 'big billers', public administrations and SMEs, migrate at the earliest stage possible, preferably by the third quarter of 2013 at the latest, in order to avoid risks which could impact the wider supply chain and would put the SEPA migration at risk."

July 2013:

Commission publishes 'payments legislative package' which includes proposals for a revised Payment Services Directive and a new Regulation on interchange fees for card-based payment transactions.

The EU Payment Services Directive (PSD) is implemented in most EU Member States by 1 November 2009. Article 87 of the PSD requires the Commission to present a report on the implementation and impact of the PSD together with proposals for its revision. In July 2013 the Commission publishes a 'payments legislative package' which includes the Commission proposals for a revised PSD (PSD2) and a new Regulation on interchange fees for card-based payment transactions for review and adoption by the EU co-legislators.

October 2013:

ECB publishes second SEPA migration report.

The report analyses the state of play in euro area countries in creating a single market for credit transfers and direct debits in euro across Europe. The report shows that migration to SEPA Credit Transfer is generally progressing swiftly. However, most stakeholders would only be migrating to SEPA Direct Debit in the last few months before the 1 February 2014 deadline established with Regulation (EU) No 260/2012. While the overall preparedness of PSPs seemed satisfactory, many of their customers, particularly small and medium-sized enterprises, still face significant challenges in terms of being sufficiently prepared in time for the changeover.

December 2013:

ECB announces the creation of the Euro Retail Payments Board (ERPB).

This new entity, which replaces the SEPA Council, would "help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union". The ECB points out that the "ERPB's composition and mandate will be broader than those of its predecessor. Seven representatives from the demand side (e.g. consumers, retailers and corporations) and seven from the supply side (banks and payment and e-money institutions) will sit on the Board. They will be joined by five representatives from the euro area national central banks and one representative from the non-euro area EU national central banks (all on a rotating basis). The ERPB is to be chaired by the ECB. The European Commission is invited to join as an observer." (The European Payments Council, representing the European PSP industry in relation to payments, is one member of the ERPB.)

January 2014:

Latvia adopts the euro.

Latvia joins the euro area on 1 January 2014 with a specific SEPA migration timeline according to Regulation (EU) No 260/2012, namely 1 January 2015. However, Latvia completes migration to SEPA Credit Transfer well in advance by 1 January 2014. With Latvia, the euro area, in 2014, comprises 18 EU Member States.

January 2014:

Commission introduces proposal for a new EU Regulation amending Regulation (EU) No 260/2012 to allow for an extra six month transition period in the euro area after 1 February 2014.

Article 6(1) and (2) of the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' mandates that credit transfers and direct debits (in the euro area) shall be carried out in accordance with the relevant requirements set out in Article 5 and in the Annex to the Regulation by 1 February 2014, subject to certain limited exemptions mentioned in the Regulation. Effectively, this means that as of this date existing national euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer and SEPA Direct Debit (see 'February 2012' on this timeline). To avoid difficulties for non-compliant market participants, in January 2014, the Commission introduces its proposal for a new EU Regulation amending Regulation (EU) No 260/2012 to "give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted" after 1 February 2014. The Commission comments that this "proposal does not change the formal deadline for migration of 1 February 2014." The Commission invites the EU co-legislators, i.e. the European Parliament and the Council of the EU, to "consider this proposal as a case of absolute urgency".

February 2014:

According to data made available by the ECB, the vast majority of stakeholders in the euro area achieved SEPA compliance by 1 February 2014.

The vast majority of stakeholders, i.e. corporates, small and medium-sized enterprises, public administrations and PSPs in the euro area, achieved SEPA compliance by 1 February 2014.

According to the SEPA indicators published by the ECB, the share of SCT transactions amounts to 93.9 percent in February 2014 and the share of SDD transactions has reached 80.3 percent (as a percentage of the total volume of credit transfers and direct debits generated by bank customers in the euro area).

February 2014:

San Marino becomes part of the EPC SEPA schemes geographical scope.

San Marino is as of February 2014 part of the geographical scope of the SEPA schemes.

March 2014:

'Regulation (EU) No 248/2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits' is published in the Official Journal of the EU.

Article 6(1) and (2) of the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' effectively mandates migration to SCT and SDD in the euro area by 1 February 2014. To avoid difficulties for non-compliant market participants, in January 2014, the Commission introduces its proposal for a new EU Regulation amending Regulation (EU) No 260/2012 to "give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted" after 1 February 2014. In February 2014, the European Parliament and the Council of the EU adopt a new 'Regulation (EU) No 248/2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits'.

This new EU Regulation states, among other things (italics added): "In Article 16 of Regulation (EU) No 260/2012, paragraph 1 is replaced by the following: (...) By way of derogation from Article 6(1) and (2), PSPs [payment service providers] may continue, until 1 August 2014, to process payment transactions in euro in formats that are different from those required for credit transfers and direct debits pursuant to this Regulation. [EU] Member States shall apply the rules on the penalties applicable to infringements of Article 6(1) and (2) (…) from 2 August 2014." In the view of the Commission, this procedure "does not change the formal deadline for migration of 1 February 2014." Consequently, Article 6(1) and (2) of Regulation (EU) No 260/2012, which stipulates the 1 February 2014 compliance date, remains unchanged. Regulation (EU) No 248/2014 entered into force on 21 March 2014. It applies, with retroactive effect, from 31 January 2014.

May 2014:

First meeting of the new ERPB chaired by the ECB.

The ERPB will "help foster the development of an integrated, innovative and competitive market for retail payments in euro in the European Union". Following its first meeting on 16 May 2014, the ERPB publishes a statement which sets out its work plan and priorities.

August 2014:

1 August 2014 marks the end of the additional transition period for migration to SEPA in the euro area (according to 'Regulation (EU) No 248/2014').

Michel Barnier, Vice-President of the Commission, comments: "In all euro countries citizens have now available a common and simple way to pay at home and across borders: SEPA credit transfers (SCT) and SEPA direct debit (SDD). Faster and safer transfers between bank accounts in the euro area will benefit the European economies at large. Completing the migration of payments to SEPA today is a real success."

The ECB notes: "The successful completion of SEPA further accelerates Europe's financial integration", says Yves Mersch, ECB Executive Board member. "It removes barriers to credit transfers and direct debits which will no longer impede businesses or consumers." The Eurosystem has monitored the migration to and implementation of SEPA from its inception, facilitating open dialogue between all parties (banks, corporates, consumers, public authorities, governments and SMEs). "This approach has contributed to the successful completion of SEPA for credit transfers and direct debits in the euro area, constituting one of the largest financial integration projects in the world."

1 August 2014 however, does not mark the end of the migration process. The 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' establishes further deadlines that must be met by market participants in euro area and non-euro area countries by 2016.

October 2014:

ECB and EBA "step up cooperation to make retail payments safer".

The ECB and the EBA announce that they "are stepping up their cooperation to increase the security of retail payments. The two institutions have agreed to use as a basis for their cooperation, the technical work developed in the European Forum for the Security of Retail Payments (SecuRe Pay)".

January 2015:

Lithuania adopts the euro.

Lithuania joins the euro area on 1 January 2015 with a specific SEPA migration timeline according to Regulation (EU) No 260/2012, namely 1 January 2016. With Lithuania, the euro area, in 2015, comprises 19 EU Member States.

May 2015:

The Regulation on interchange fees for card-based payment transactions (IFR) is published in the Official Journal of the EU.

The Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions is published in the Official Journal of the EU (IFR).

The key objective of the IFR is to cap interchange fees, which are paid between PSPs for the acceptance of card based transactions. Usually these fees are paid from the merchant acquirer (the merchant's PSP) to the card issuer (the cardholder's PSP), as a percentage of and/or a fixed amount for each transaction made by the cardholder, and form part of the costs that merchant acquirers charge to merchants.

As well as capping interchange fees, the IFR also aims to improve transparency and competition in the card market. The interchange fee caps come into effect on 9 December 2015, whereas the majority of provisions relating to business rules enters into force on 9 June 2016.

August 2015:

Deadline to comply with the 'Guidelines on the security of internet payments' released by the EBA. These guidelines are based on recommendations developed by the European Forum on the Security of Retail Payments (SecuRe Pay).

In January 2013, the ECB released a comprehensive set of 'Recommendations for the security of internet payments'. The recommendations were developed by the SecuRe Pay Forum. It was established in 2011 as a voluntary cooperative initiative between relevant authorities from the European Economic Area; supervisors of PSPs and overseers in particular. It was formed with the objective of facilitating common knowledge and understanding of issues related to the security of electronic retail payment services and instruments and, where necessary, issuing recommendations.

In October 2014, the EBA published a consultation paper on the implementation of its guidelines on the security of internet payments. These guidelines are the first output of the joint work undertaken by the EBA and the ECB on the security of payment services.

The draft guidelines on the security of internet payments are based on the recommendations of the SecuRe Pay Forum released by the ECB in January 2013 with an implementation date for 1 February 2015. During a stock-take of the progress of its work in summer 2014, the SecuRe Pay Forum concluded that a more solid legal basis would be beneficial to ensure consistent implementation by financial institutions across all EU Member States, as well as to reassure financial institutions that required investments and system changes are being followed up by a consistent regulatory framework. To this end, the EBA, as one of the SecuRe Pay Forum members, agreed to issue guidelines based on the SecuRe Pay Forum recommendations, which enter into force in August 2015 - an extension of six months compared to the original SecuRe Pay Forum implementation date. The guidelines cover three main categories; the general control and security environment, specific control and security measures for internet payments, and customer awareness, education and communication. An essential element for the EBA guidelines is the reliance on the concept of strong customer authentication.

June 2015:

The ERPB calls for an instant SEPA credit transfer scheme in euro.

Instant payments are becoming a hot topic, and at its June 2015 meeting, the ERPB invites the EPC to present "by November 2015 a proposal for the design of an instant SEPA credit transfer scheme in euro, which could be adhered to by EU payment service providers on a voluntary basis." The EPC's proposal for the design of a new SEPA Instant Credit Transfer (SCT Inst) scheme is indeed presented to the ERPB at its November 2015 meeting, during which the ERPB invites the EPC to create an SCT Inst rulebook by November 2016, to enter into effect in November 2017.

December 2015:

PSD2 is published in the Official Journal of the EU.

The revised Payment Services Directive, Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, is published in the Official Journal of the EU (PSD2). The PSD2 should be transposed by EU Member States in national law by 13 January 2018, as of which date Directive 2007/64/EC on payment services in the internal market (the PSD) will be repealed.

February 2016:

Exemptions regarding use of the IBAN, BIC and ISO 20022 permissible under Regulation (EU) No 260/2012 are no longer possible after 1 February 2016. Niche products must comply with Regulation (EU) No 260/2012 by 1 February 2016.

Article 6(1) and (2) of the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the SEPA Regulation) mandates that credit transfers and direct debits (in the euro area) shall be carried out in accordance with the relevant requirements set out in Article 5 and in the Annex to the Regulation by 1 February 2014, subject to certain limited exemptions mentioned in the Regulation. The SEPA Regulation (Article 16) had introduced several exemptions regarding the use of the International Bank Account Number (IBAN), the Business Identifier Code (BIC) and the ISO 20022 XML message standards by the February 2014 deadline. EU Member States had discretion as to whether they would use any or all of the options to derogate from the 1 February 2014 deadline (until 1 February 2016) with regard to the use of the IBAN, the BIC and the ISO 20022 XML message standards by payment service users. The SEPA Regulation also stipulates that credit transfer and direct debit transactions with a cumulative market share of less than 10 percent in an EU Member State that were granted a waiver must comply with the provisions set out in this legislative act only by 1 February 2016.

May 2016:

The Crown Dependencies become part of the EPC SEPA schemes geographical scope.

The islands of Jersey and Guernsey, as well as the Isle of Man (collectively known as the UK Crown Dependencies) are as of 1 May 2016 part of the geographical scope of the SEPA schemes.

June 2016:

The final part of the Interchange Fee Regulation enters into effect.

In June and December 2015, respectively, the Regulation of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions, also known as the Interchange Fee Regulation (IFR or Regulation (EU) 2015/751), partially came into effect, ensuring a cap on interchange rates for consumer cards across the EU. In June 2016, the final part of the Regulation enters into force. Among the most significant provisions of the IFR is the obligation, as of this date, for each newly issued card – whether debit, credit, prepaid or commercial – to be visibly and electronically identifiable. Existing cards also need to be electronically identifiable.

August 2016:

The EBA publishes the draft Regulatory Technical Standards on strong customer authentication (SCA) and common and secure communication under PSD2 for consultation.

With the publication of the PSD2 in December 2015, a new role is assigned to the EBA. The EBA receives the mandate to develop six Regulatory Technical Standards (RTS) and five sets of Guidelines. One particular RTS on SCA and common and secure communication, is key to achieving the PSD2 objective of enhancing consumer protection, promoting innovation and improving the security of payment services across the European Union. The EBA has developed the draft RTS in close cooperation with the ECB. Click here to read the EPC's response.

October 2016:

Deadline for migration to SEPA in non-euro countries.

In February 2012, the European Union (EU) co-legislators, i.e. the European Parliament and the Council of the EU representing EU governments, adopted the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro', also known as the SEPA Regulation. According to Article 16(8) of this legislative act, the deadline for compliance in non-euro countries is 31 October 2016.

November 2016:

The EPC publishes the SCT Inst scheme.

Following a three-month public consultation, and in close collaboration with stakeholders from the entire payment value chain, the EPC publishes the rulebook and implementation guidelines of the SCT Inst scheme, which will enable the transfer of initially up to 15,000 euros, in less than ten seconds, and in an international area that will progressively span over 34 European countries. PSPs and technical players have one year to get ready if they wish to implement this optional scheme, based on the SCT scheme.

February 2017:

The EBA publishes the final draft RTS on SCA and common and secure communication under PSD2.

These final draft RTS are the result of the public consultation organised in 2016 and of the EBA's trade-offs between security and convenience to address some issues raised by the payment industry while still respecting the objectives of PSD2.

March 2017:

The Commission publishes the Action Plan on retail financial services.

Following the public consultation on its Green Paper on retail financial services, organised in 2016, the Commission publishes an Action Plan listing steps to create a stronger European market for financial services. There are only a few actions directly relating to payments.

November 2017:

The SCT Inst scheme enters in effect.

21 November 2017 is the starting date of the SCT Inst scheme.

January 2018:

Deadline to transpose PSD2 in EU Member States.

The revised Payment Services Directive (Directive (EU) 2015/2366) has to be transposed in EU Member States by 13 January 2018.

December 2018:

Publication of the first SEPA Proxy Lookup (SPL) scheme rulebook.

This first version of the SPL scheme rulebook is entirely based on the SPL rules and SPL Application Programming Interface (API) specification as defined by the Mobile Proxy Forum (MPF).

February 2019:

The launch of SEPA Proxy Lookup (SPL) service.

The SEPA Proxy Lookup (SPL) scheme, managed by European Payments Council, covers the exchange of the data necessary to initiate payments between proxy-based payment solutions on a pan-European level and aims to facilitate interoperability between participating payment solutions. Based on the SPL scheme, the SPL service was officially launched beginning 2019 by equensWorldline.

March 2019:

Principality of Andorra and Vatican City State / Holy See become part of the EPC SEPA schemes geographical scope.

Principality of Andorra and Vatican City State / Holy See are as of 1 March 2019 part of the geographical scope of the SEPA schemes.

February 2020:

From 1 February 2020, the UK ceases to be a Member State of the EU and becomes a non-European Economic Area (EEA) country.

For the purposes of the EPC SEPA payment schemes, UK PSPs continue operating within the scope of the SEPA schemes. UK keeps complying with the relevant SEPA participation criteria as existing EU rules and regulations continue to apply in the UK.

November 2020

30 November 2020 the EPC publishes the first SRTP scheme rulebook.

Following a three-month public consultation, and in close collaboration with stakeholders from the entire payment value chain, the EPC published on 20 November 2020 the first version of the Single Euro Payments Area (SEPA) Request-To-Pay (RTP) scheme rulebook.

June 2021:

The SRTP rulebook now into force.

On 15 June, the first version of the Single Euro Payments Area (SEPA) Request-to-Pay (SRTP) scheme rulebook enters into force.

November 2022:

Publication of the first SEPA Payment Account Access (SPAA) scheme rulebook.

It consists of a set of rules, practices and standards that will allow the exchange of payment accounts related data and facilitates the initiation of payment transactions in the context of ‘value-added’ (‘premium’) services provided by asset holders (i.e. Account-Servicing Payment Service Providers (ASPSPs)) to asset brokers (e.g. Third Party Providers (TPPs)).

January 2023:

Croatia adopts the euro

With Croatia, the euro area, in 2023, comprises 20 EU Member States.

March 2023:

Publication of the first OCT Inst scheme rulebook

Version 1.0 of the 2023 OCT Inst scheme rulebook focuses exclusively on the Euro Leg of international instant credit transfer-based payment transactions.