Only a few weeks left to have your say on the evolution of SEPA credit...

Only a few weeks left to have your say on the evolution of SEPA credit transfers and direct debits

06 June 16

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It’s a busy time for the ! Not only is the new SEPA Instant Credit Transfer scheme  now open for public consultation, but the consultations for three other existing schemes are also running and are due to close on 4 July 2016. Participating in this consultation is a great opportunity for all stakeholders in the payments industry (such as Payment Service Providers ( ), end users, and technical players) to have their say on the future of the SEPA Credit Transfer ( ), SEPA Direct Debit (SDD) Core, and SDD Business-to-Business (SDD B2B) schemes.

Every two years, the organises its scheme rulebook release management cycle. The suggestions from all stakeholders (sent before the end of 2015) have now been submitted for a three-month public consultation. The suggestions that receive broad support during this public consultation and are technically and legally feasible will then be taken forward. This ensures that the schemes reflect the evolution of ’ needs and those of their customers, as well as technological changes.

One suggested change that was put forward for public consultation was to make the Customer-to-Bank (C2B) Implementation Guidelines mandatory for and scheme participants. The purpose of this change, requested by the Euro Retail Payments Board, is to make sure that all scheme participants are technically capable, if requested by their customers, to process a transaction based on the harmonised C2B Implementation Guidelines which some already use.

The scheme rulebooks will be updated after the public consultation and published in November 2016. The new versions will take effect one year later in order to leave enough time for scheme participants to update their systems.

If you haven’t already, make sure you have your say in the public consultations before 4 July!

Related links

Click here to learn more about the Credit Transfer scheme’s consultation and for instructions on how to participate, and here to find out more about the Direct Debit schemes’ consultation.

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