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  • SEPA - Single Euro Payments Area


    In the year 2002 with the introduction of euro cash, the basis for a single European market (SEPA) was created. For the realisation of this project, three important points have been defined:

    • SEPA Credit Transfer (SCT)
    • SEPA Direct Debit
      • Core Direct Debit (SDD)
      • Business-to-Business Direct Debit (B2B)
    • SEPA Cards Framework (SCF)

    SEPA Credit Transfer

    The SEPA credit transfer was introduced already in early 2008 and enables Europe-wide transfers with a maximum of 3 Bank working days. This requires the use of BIC and IBAN. The cost of a SEPA credit transfer should not be higher than the cost of similar national transfer.

    SEPA Direct Debit

    With the introduction of the SEPA direct debit will cross-border Direct debits are greatly simplified. By creating uniform standards can invoices be collected also in other European countries. The procedure here is similar to the German debit. An extension is the introduction of a so-called mandate, which the payer (debtor) issues to the payee (creditor) for permission of direct debit for the limited time of 18 months. When creating a mandate, various data such as addresses, bank details, duration, description and creditor identification (CI) of the payee are collected.

    The SEPA Direct Debit will be introduced in November 2009 and replace the previous method completely after an introductory period.

    SEPA Cards Framework

    With the introduction of comprehensive standards, card payments (debit and credit cards) in all participating countries are easily possible. In the technical implementation is the use of EMV chip and PIN intended and in particular the use of uniform safety standards and certification processes for cards and terminals planned.


    With SEPA there will be no difference in the euro area between national and cross-border payments. SEPA will help to make Europe more competitive and better position in international comparison.
    In the wake of a success of SEPA, the initiators are hoping for a rethinking of the existing Euro-sceptics such as such as the United Kingdom. It is clear that with SEPA the economic pressure on these countries is increasing.