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