SEPA Credit Transfer Scheme Launch Date

SEPA Credit Transfer Scheme Launch Date

24 October 13

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In the Roadmap and in the Declaration of 17 March 2005, it was stated that January 2008 would be the launch date for the Schemes, so it is with pleasure and satisfaction that we now announce that customer products based on the Credit Transfer Scheme will be available from Monday, 28 January 2008 onwards.

This date has been chosen simply to decouple the customer go-live date from the end-of-year routines common in both banking and industry, the traditional freeze on changes to banking processes imposed over the Christmas/New Year period and other mandatory changes for this same time period such as the introduction of the euro for Malta and Cyprus. This thereby relieves all parties concerned of an undesirable work load over the Christmas period and minimises risks of errors at a critical time.

The launch of the Credit Transfer Scheme is on schedule for January 2008. Completely new business rules and standards have been designed and specified. clearing infrastructures capable of processing mass payments -wide have been deployed, testing schemes have been finalised and testing will shortly commence. The has ensured that the required scheme management process for both Credit Transfer and Direct Debit (to be launched when the Payments Services Directive is transposed in Member States) will be deployed in the course of autumn 2007. As far as we have been informed by our members, projects are on schedule for the majority of banks throughout the 13 eurozone countries and the other 18 countries in the EU and .

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