SEPA
Basic information regarding SEPA
The introduction of the euro as the single currency and the subsequent creation of the possibility to use this single currency in the cash domain within the euro area countries triggered the common effort to create the single payment area covering also cashless payments. The project which is aimed at achieving integrated providing of equal conditions also for those cashless payments has been named SEPA - Single Euro Payments Area. The main role of the SEPA is practical removal of the boundaries and limits in order to facilitate cashless euro payments throughout all SEPA countries. As a result of reaching SEPA goals should be no fragmented domestic credit transfer, direct debit and card schemes, but the only effective schemes of SEPA payment instruments. The single area will progressively consist of 27 European Union member states together with Iceland, Norway, Liechtenstein, Switzerland, Monaco and other territories.
SEPA will be the area where citizens, companies and other market actors will be able to make and receive payments in euro, whether between or within national boundaries under the same basic conditions, rights and obligations regardless of their location. The SEPA project covers two basic payment instruments - credit transfers and direct debits - and defines a common framework for payment cards as well. The common framework can be understood as following particular general requirements for payment cards, POS terminals and ATMs. These requirements mainly concern with equipping cards, POS terminals and ATMs with the EMV chip technology. The primary requisition of the common framework is to ensure that the payment cards are accepted and usable under the same conditions in all SEPA countries.
The SEPA Credit Transfer Scheme was officially launched on 28 January 2008 and the SEPA credit transfers share amounted to approximately 6.5% of all credit transfers in the euro area at the beginning of year 2010. This common payment instrument will enable people to make cashless payments throughout the euro area as quickly, safely and easily as they now make national credit transfers. The next payment scheme - SEPA Direct Debits - was successfully launched on 2 November 2009.
The sound legislative environment for the SEPA project is ensured by the Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market (PSD) which was transposed into national legislations of the member states. The new legislation will assist in forming SEPA and removing legal obstacles that prevent the creation of the pan-European payment services. The PSD has been transposed into the Slovak legislation as an Act no. 492/2009 on payment services and on amendments to certain acts.
Realisation of the SEPA project under the baton of European Payments Council (EPC) whose member is also Slovak Banking Association should harmonise millions of daily retail payments. This harmonization is fully supported by the European Commission, the European Central Bank, national central banks as well as European banks, and will bring about new benefits for clients, as well as for companies that make payments in euro.
Slovak banking sector is preparing for the compatibility with SEPA too. The managing and coordination body of the SEPA project in Slovakia is the Committee on SEPA. Members of the committee are comprised of representatives of the NBS, the Ministry of finance of the SR, the State Treasury, the Slovak Post, commercial banks, consumer protection associations and the National Union of Employers. The Slovak SEPA migration plan v2.3, (SK only) is the basic document for implementation of SEPA payment instruments in Slovakia.
Useful links:
European Central Bank (ECB):
European Commission (EC):
European Payments Council (EPC):
Publications:
SEPA documents issued by EPC: