EPC Blog: Fact check - the SEPA benefits projected by EU governments, ...

EPC Blog: Fact check - the SEPA benefits projected by EU governments, the European Parliament, the European Commission and the European Central Bank.

12 March 14

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The Single Euro Payments Area () is a European Union (EU) integration initiative pursued by the EU governments and the EU institutions since the introduction of the euro currency in 1999. The Blog published on 28 November 2013, entitled ‘ fact check: the benefits projected by EU Governments, the European Parliament, the European Commission and the European Central Bank’ (see ‘related links’ below) cites the expectations articulated by the political authorities driving the initiative on the benefits to materialise once is completed.

To learn more about the views of the European and national public authorities on , refer to the Blog published on 8 November 2013, entitled ‘ fact check: the rationale for as defined by the EU Governments, the European Parliament, the European Commission and the European Central Bank driving the programme and determining the compliance requirements’ (see ‘related links’ below).

With these ‘ fact check’ blogs, Javier Santamaría, Chairman of the European Payments Council () clarifies (again): migration to is mandated by EU law (not by the ). The is not an EU legislative body. More generally, the is not part of the EU institutional framework. The is one stakeholder group among many impacted by the policy-maker-driven programme. (For more information, refer to the Website page, entitled ‘About ’ included in the ‘related links’ below.)

In February 2012, the legislator, (i.e. the European Parliament and the Council of the representing Member States), formally adopted the ‘Regulation () No 260/2012 establishing technical and business requirements for credit transfers and direct debits’ (the Regulation). From 1 February 2014 onwards, organisations making payments in the euro area will have to carry out credit transfer and direct debit transactions in line with the core provisions set out in the Regulation. Effectively, this means that as of this date, existing national euro credit transfer and direct debit schemes in the euro area will be replaced by Credit Transfer and Direct Debit. The Regulation is the first legislative act in the context which defines also compliance requirements to be met by payment service users, (earlier payments legislation adopted between 2001 and 2009 focused on engaging payment service providers in the process. For more information, refer to the Website page, entitled ‘ Legal and Regulatory Framework’ included in the ‘related links’ below.)



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