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8/13/2019 What Is SEPA (Infographic)
1/1
re you ready for
SEPA (Single Euro Payments Area)is a major
step towards a single integrated Euro
payments market. Its aim is to allow
companies, public authorities and individuals
to issue and receive payments within countries
of the SEPA zone, as swiftly as local payments
can be processed today.
SEPAEND DATE
February
2014
1
countries
Million people
Million companies
financial institutions
Billion transactions per year
3 2
5 2 7
2 59 2 0 0
8 7. 5
For all electronic transaction
make sure you have IBAN andBIC. These numbers are
generally available on your
bank account statements.
4steps process1
2
3
4
What is the process?
SEPA indicators
SEPA credit transfersof total transactions
56.3% 6.8%
SEPA direct debitof total transactions
SEPA processes and benefits
SCT - SEPA Credittransfer Scheme
SEPA CardsFramework
SEPA DirectDebits
Make a payment from
London to Madrid as
simple as London to
Oxford
Consumers pay for
goods and services in
SEPA coutries as simple
they do it now on homecountry
More flexible payment
options for people living
in SEPA zone, cards
payments and cashwithdrawals made as
easy, secured and fast as
at home
SEPA status
SEPA numbers
Pay suppliers much easier and faster
in any SEPA countries.
Faster settlement and simplifiedprocesses will improve cash-flow and
potentially reduce cost.
Only one bank
account required
to make andreceive payment
on SEPA countries
All businesses need to ensure
that payroll, direct debit and
accounting systems are SEPA
ready on 1 February 2014.
From 1 February 2014 an IBAN
and BIC (Bank Identifier Code)
will be required to make and
receive euro electronic
payments
for
Business
Migration overview
Regulation No 260/2012 entered into force; pan-European reachability;
phasing-out of 50,000 ceiling for equal charges to apply.
31 March 2012
Cross-border transaction MIFs (multilateral interchange fees) were eliminatedfor direct debits.
1 November 2012
SEPA migration deadline for SEPA credit transfer and SEPA direct debit withinthe euro area; no BIC (business identifier code) to be required for nationalpayments.
1 February 2014
No BIC to be required for cross-border payments; niche products migration
complete.
1 February 2016
SEPA credit transfer and SEPA direct debit deadline for non-euro area countries.
31 October 2016
National transaction MIFs (multilateral interchange fees) to be eliminated for
direct debits.
1 February 2017
Date November 2013 Source: http://www.ecb.europa.eu
for
Consumers
Countries covered by SEPA
Planning
Identify all internal processes
impacted by SEPA, including
sales, operations, finance /
accounting.
Implementation
Chech IBAN / BIC conversion
Check your e-banking solutions compatibility
with the new SEPA XML format.
TestingMake sure your payment system is compliant
and your ERP system is SEPA ready.
Provide training to all staff members impacted
by SEPA
Launch
Payments files will be submitted to banks using
ISO 20022 XML format
8 digit account numbers will be replaced by IBAN
Direct debit agreements are converted to SEPA.
Check EPA solutions provided by top European bankshere
SEPA Benefits
VolumesofSDDTransactions(Millions)
30
15
10
5
20
25
35
40
43,47
3,060,470,25
%o
fSDDovertotaltransactions
7
6
5
4
3
2
1
11,72 6
,84%
45
VolumesofSCTtransactions(Millions)
300
150
100
50
200
250
350
400
341,14
147,68
82,01
33,36
December,
2008
%o
fSCTovertotaltransactions
70
60
50
40
30
20
10
215,56
9,62
56,2
6%
34,8
6%
23,7
1%
13,8
5%
December,
2009
December,
2010
December,
2011
December,
2012
September,
2013
Migration of card payments
EMV transactions in the euro area
(as a percentage of total transactions at POS terminals)
December,
2009
December,
2010
December,
2011
December,
2012
September,
2013
Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013
%
75
40
45
50
55
60
65
70
80
85
Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013
Cross-border transactions in the euro area
(as a percentage of total transactions at POS terminals)
%
6.5
3.0
4.0
4.5
5.0
5.5
6.0
7.0
7.5
8.0
8.5
9.0
3.5
Source: http://www.ecb.europa.eu/paym/sepa/about/indicators/html/index.en.html
Migration of Credit transfers
Migration of direct debits