The Single Euro Payments Area () payment schemes, as set out in the Credit Transfer () and Direct Debit (SDD) Rulebooks, evolve based on a transparent change management process adhered to by the . This evolution reflects changes in market needs and updates of technical standards developed by international standards bodies, such as the International Organization for Standardization (ISO). The principles governing the evolution of the Schemes are set out in section three of the Scheme Management Internal Rules (see links below). Based on the established scheme change management and rulebook release cycle, the publishes updated versions of the rulebooks and associated implementation guidelines () once annually in November of each year. These updated versions normally take effect in the third week of November of the following year aligned with the SWIFT (Society for Worldwide Interbank Financial Telecommunication) release date. In accordance with industry best practice, payment service providers and their suppliers therefore have sufficient lead time to address rulebook updates prior to such changes taking effect.
and SDD Rulebook versions published in November 2012 take effect on 1 February 2014
In November 2012, the published the Rulebook version 7.0, the Rulebook version 7.0 and the SDD Business to Business (B2B) Rulebook version 5.0 (see previous Blog post / links below). Based on the established release management cycle, the updated versions of the rulebooks published in November 2012, would normally take effect on 16 November 2013. stakeholders in the euro area however, are currently working towards achieving compliance with the ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the Regulation), which defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. Effectively, this means that as of this date, existing national euro credit transfer and direct debit schemes will be replaced by and SDD. As a result, and as previously communicated, the decided to postpone the effective date for the Rulebook version 7.0, the Rulebook version 7.0 and the Rulebook version 5.0 and associated , from 16 November 2013 to 1 February 2014. This allows market participants sufficient time to adapt their systems and operations to comply with both the Regulation and the updated versions of the rulebooks. Organisations, which still have to adapt systems and operations to achieve compliance with the Regulation by 1 February 2014, should become active immediately. The relevant actions and resources should be identified now. The makes available comprehensive information to help market participants manage the transition. These sources are included with the 'related links' below (refer to the ' Migration Tool Kit').
The next scheme change management cycle takes place with the publication of new rulebook versions in November 2014. These rulebook versions will take effect in November 2015.
Based on the established scheme change management cycle, the would normally publish the next version of the rulebooks, i.e. the Rulebook version 8.0, the Rulebook version 8.0 and the Rulebook version 6.0, in November 2013 to take effect in November 2014. This would however force stakeholders to update systems and operations twice within one year considering that the rulebook versions published in November 2012 will take effect on 1 February 2014.
To avoid duplication of costs and efforts within one year and to provide planning security to all stakeholders based on stable rulebook versions in the period following migration to and SDD in the euro area, the decided in December 2012 to postpone publication of the next generation rulebooks ( Rulebook version 8.0, Rulebook version 8.0 and Rulebook version 6.0) and associated to November 2014. These rulebook versions will then take effect in November 2015.
The process leading to publication of new rulebook versions will therefore roll out at the start of 2014.
Regulation empowers European Commission to amend the technical requirements applicable to and SDD
The is committed to adhering to a scheme change management and rulebook release management process, which provides all stakeholders with sufficient lead time to implement any changes to the rulebooks and . It has to be kept in mind however, that the and SDD Schemes have to comply with the technical requirements detailed in Article 5 and in the Annex to the Regulation. Article 13 of the Regulation empowers the European Commission (the Commission) to amend the technical requirements set out in the Annex to the Regulation through delegated acts (see also Article 14). For detailed information on this subject, refer to the Newsletter article ‘The New European Decision-Making Landscape: How the European Commission Rules Through Delegated Acts' (see links below). It remains the 's objective to ensure that the and SDD Rulebooks evolve in response to proven market needs, based on a predictable release schedule. The must, however, clarify that moving forward; the may be required to adapt the rulebook release schedule at short notice to ensure compliance with technical requirements set out in the Annex to the Regulation as amended by the Commission.
To date, the Commission has not indicated that it intends to amend the Annex to the Regulation prior to November 2015.
- SEPA Scheme Management Internal Rules Version 4.0 - Extract - Chapter 3
- EPC Blog (November 2012): SEPA Credit Transfer Rulebook Version 7.0, SEPA Direct Debit (SDD) Core Rulebook Version 7.0, SDD Business to Business Rulebook Version 5.0 and Associated Implementation Guidelines to Take Effect on 1 February 2014 Published
- 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
- EPC Newsletter (January 2011): The New European Decision-Making Landscape: How the European Commission Rules Through 'Delegated Acts'. SEPA Regulation empowers the European Commission to mandate technical requirements applicable to SEPA payment schemes
- The EPC Migration Tool Kit: Get Ready for SEPA by 1.2.2014. Act Now!
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