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Single Euro Payments Area (SEPA)

Following the introduction of Regulation 2560/2001 (now Regulation 924/2009), the European banks created the European Payments Council (EPC) with the aim of establishing a Single Euro Payments Area (SEPA). Within SEPA, consumers and businesses will be able to make euro payments across the entire SEPA area, under the same rules and conditions.

SEPA consists of the 27 member states of the EU, plus Iceland, Liechtenstein, Monaco, Norway, and Switzerland.

The EPC has created new schemes for credit transfers and direct debits, and a framework for cards. According to the EPC’s SEPA Roadmap, national credit transfer and direct debit schemes will have to be replaced by the new SEPA schemes. With regard to cards issuers; acquirers and payment systems were obliged to adopt the SEPA Cards Framework (SCF) by the end of 2010.

SEPA resources

You can access documents, directives, and useful links about the Single Euro Payments Area (SEPA) and the Internal Market for payments here.

Publications

• Single Euro Payments Area (SEPA) (PDF 1.2 MB) – sixth progress report from the European Central Bank, published November 2008
• SEPA Cards Framework (PDF 0.2 MB)
• Eurosystem’s SEPA Expectations – document available on the European Central Bank’s website

Documents and directives

• Consumer Credit Directive (PDF 0.1MB)
• Cross border payments in euros (PDF 0.7MB)
• The Directive on Payment Services (PDF 0.2MB)
• The e-Money Directive (PDF 0.7MB)

Useful links

• European Banking Federation
• European Central Bank
• European Commission – SEPA and internal market for payments pages
• European Payment Council
• European Savings Banks Group
• EurActiv.com – financial services news from the independent media portal, fully dedicated to EU affairs.