The SEPA credit transfers, SEPA direct debits


The SEPA project lays down common rules, common procedures, and common standards for two payment instruments - credit transfers and direct debits and at the same time defines a common framework for card payments. Under a common framework is necessary to understand the specific common requirements set out in the cards, payment terminals and ATMs. In the area of payment cards, therefore, initially it concerned mainly facilities of POS terminals and ATMs payment cards with EMV chip technology which brings the improvement of services in terms of higher security. The basic requirement of the common framework is the general acceptance of cards within SEPA and their acceptance under the same conditions in all SEPA countries.

Credit transfer means a payment service, where the payment order is submitted by the payer to his payment service provider and the amount stated on the payment order is debited from the payer's payment account and credited to the payment account of the beneficiary on the basis of the instruction given by the payer. The implementation of SEPA credit transfers will have a minimal impact on residents (natural persons). In principle, it will be only a gradual "realignment" of the use of an existing account number to use the IBAN format account number.

Direct debit means a payment service in which the payment order shall be submitted by the beneficiary to his payment service provider on the basis of prior approval, which was given by the payer. A direct debit is used primarily for energy, telecommunications, etc. In the case of direct debits can be simply stated that the changes will affect in particular the beneficiaries of the payments. In addition to the transition to the IBAN will mean the following changes:

(a)        the possibility of cross-border direct debiting, i.e. payment service providers in the SR shall allow the payment service user the possibility of direct debiting also on cross-border basis (in the case of beneficiaries of funds) or will be carried out also direct debit that will be sent from another EU country within the SEPA area. This will be of course subject to conditions to be laid down in the business terms and conditions of payment service providers,

(b)       the communication in XML format messages with payment service provider in the case of sending payments in the file; until the 1.2.2016 conversion services could be provided

(c)       the need to apply for the assigning of the CID and its subsequent use in the initiation of direct debit payment.