2002
Launch of the SEPA project and set-up of the EPC, in line with the strategic objectives defined by the Lisbon European Council in 2000. The EPC is banks’ co-ordination and decision-making body for the project. It fosters a continuous dialog with the European Central Bank and the European Commission.
Statement of 26 March 2002:
“We, the European banks and European Credit Sector Associations (hereinafter ECSAs) – the European Banking Federation (FBE), the European Savings Banks Group (ESBG), and the European Association of Cooperative Banks (EACB) -,
- Share the common vision that euro area payments are domestic payments,
- Join forces to implement this vision for the benefit of European customers, industry and banks, and accordingly,
- Launch our Single Payment Area.”
2004 - 2007
Design phase for the SEPA payment instruments. The EPC established and published rulebooks for the SEPA credit transfer and the SEPA direct debit, and the framework of interoperability for card schemes.
2006-2007
Implementation phase. It focuses on preparation for the roll-out of SEPA payment instruments and the adapting of interbank exchange infrastructures. The banking communities are carrying out technical tests. The various parties involved (banks, public administrations, companies and other users) are laying the necessary groundwork. This work is monitored in each country by national migration bodies – in France, the National SEPA Committee.
2008 - 2012
Migration phase. It will start in early 2008 with the launch of SEPA credit transfers and SEPA card payments. SEPA direct debits will be rolled out by early 2010 at the latest. National payment instruments will co-exist with SEPA payment instruments during this migration phase. The objective is to gradually migrate domestic payment markets to SEPA payment instruments, resulting in the complete and final phasing-out of national payment instruments (end 2012 for France). The migration timetable is tailored to each payment instrument: the migration deadline, i.e the date at which corresponding national payment instruments will be fully phased-out, is earlier for credit transfers than for direct debits.
