On 30 November 2020, the European Payment Council (EPC) published the first version of its Single Euro Payments Area (SEPA) Request-To-Pay scheme (SRTP) rulebook. Today the scheme is set to take off and already counts some registered participants, as well as new ones that are going to launch soon. We are sharing its most significant achievements, latest updates and future goals.

About the rulebooks

Following a three-month public consultation made with the close involvement of stakeholders from the entire payment value chain, the EPC published the third version of the SRTP rulebook on 24 November 2022. It will become effective on 30 November 2023 and will include all the functionalities needed to enable the proper functioning of the scheme (e.g. the enrolment and activation processes) and the main options requested by the market (e.g., redirect option, request for instalment payments, request for guarantee, request for payment initiation status).

As of 30 November 2023, the capability to use Application Programming Interfaces (API) for exchanges between SRTP scheme participants will also become mandatory to ensure full reachability. To this end, the EPC default API specifications were published in June 2022, and the API security framework in March 2023. However, SRTP scheme participants are free to already use their APIs, if they wish so.

As this is now a fully stable scheme it will follow a regular maintenance cycle of two years (aligned with the payment scheme’s cycle). The EPC objective is now to foster adherence and utilisation of the scheme from the market. The next version of the scheme should only include maintenance changes.

What's next?

The EPC is busy with a number of SRTP scheme-related deliverables:

• Since 21 April 2023, any Technical Solution Provider (TSP) that wishes so, may at its discretion undergo a specific SRTP homologation. A duly homologated TSP will become a Referenced Technical Solution Provider (RTSP) and will feature on a list published on the EPC website. The applicants using an RTSP will be eligible for a simplified homologation.
   
• In addition to the standard homologation and the simplified homologation (simplified A homologation) for applicants that have already gone through a relevant formal authorisation/licensing process, and/or are subject to specific regulatory/supervisory requirements, two new homologation types will be launched:
  
  - the simplified B homologation for applicants using an RTSP; and 
  - the simplified A+B homologation for applicants that have already gone through a relevant formal authorisation/licensing process, and/or are subject to specific regulatory/supervisory requirements and are using a RTSP.
   
• In July 2023, the homologation with APIs will be launched. Applicants that want to use SRTP-related APIs for their exchanges with other SRTP scheme participants, will then be able to perform this homologation directly.
  
  This version of the homologation process will become mandatory as of 30 November 2023 and the registered participants that have gone through the homologation without APIs will have to perform this homologation with APIs before 30 November 2023 (at no additional cost). The homologation without APIs will disappear at that date.
   
• The Clarification Paper on the SRTP rulebook version 3.0 should be published by the end of May 2023.
   
• The EPC default API specifications based on the third version of the SRTP scheme rulebook and version 3.0 of the SRTP scheme Implementation Guidelines will be published by the end of May 2023.
   
• The call for change requests for the next version of the SRTP scheme rulebook is open and will run until 29 December 2023.
   
• At the beginning of 2024, a new Operation Scheme Manager (OSM) function is expected to be launched, to further improve interoperability and reachability within the scheme.

We hope that all these successful developments will incentivise payment service providers (PSPs) and non-PSPs to rapidly join the SRTP scheme. If your institution plans to become a SRTP scheme participant, we would be happy to guide you through the adherence process.