Why the SEPA project?
Following the euro changeover in 2002, the SEPA (Single Euro Payments Area) project aims to simplify the use of cashless payment instruments, i.e. payments made from accounts held by financial institutions, throughout Europe.
Who has driven the SEPA project?
The European Payments Council (EPC), which brings together the European banking communities and the main European banks, launched the SEPA project in 2002 to further the integration of the European Internal Market. The project is supported by the European Commission and Eurosystem central banks.
What payment instruments are concerned by the SEPA project?
The EPC has established rules for three payment instruments: credit transfers, direct debits and card payments. Cheques, which are little used in the other European countries, remain outside the remit of SEPA. The first SEPA payment instruments (credit transfers and card payments) will be available at the start of 2008. SEPA direct debits will be rolled out in France in early 2010.
Who are the stakeholders?
All users of cashless payment instruments have a stake in the SEPA project: companies, public administrations, merchants and consumers.