Brexit reminder: implications for all SEPA payment scheme participants

Brexit reminder: implications for all SEPA payment scheme participants

21 December 21

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On 1 January 2021, the UK left the Single Market and Customs Union. In the run-up to that date, the European Payments Council ( ) requested on several occasions all payment scheme participants to implement the measures described below, to ensure a continued smooth processing of cross-border payments involving a UK-based payment scheme participant after 31 December 2020. This is because the respective and UK Funds Transfer Regulations require additional information to be sent with payments into/from the UK as the UK is now a third country under those Regulations following Brexit.

transactions to be executed or settled as of 1 January 2021 involving a UK-based payment scheme participant must contain:

·       The full address details of the Originator for   and  transactions;

·       The full address details of the Debtor for   and   B2B collections.

The has been notified that some -based payment scheme participants are not complying with the extra information requirements mandated under the Funds Transfer Regulation (Regulation ( ) 2015/847), notably regarding the need to provide the full address of the Originator/Debtor.

The urges all payment scheme participants concerned to complete as soon as possible the identification of their customers with incoming and outgoing cross-border transactions involving both a UK and an payment account, and to ensure that all customers concerned provide the necessary extra transaction data.



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