For banks, the development of standardised payment instruments within the SEPA area, compliant with international standards, will rationalise European-wide processing of payment orders. SEPA will enable banks to develop and offer innovative services to their customers throughout the area.
To achieve this goal, banks have undertaken, individually and collectively, to:
- update their information systems;
- implement new payment and security standards;
- set up new payment infrastructures;
- comply with the new requirements laid down in the Payment Services Directive.
They must also promote the new payment instruments to their customers, for the benefits that are expected to ensue from SEPA are contingent on the widespread use of the new instruments and the phasing-out of corresponding national instruments. Banks will also have to manage the transitional period during which the new and old payment instruments will co-exist. In particular, they will have to provide assistance to their customers vis-à-vis the mandatory use of BIC and IBAN, the switch to SEPA-compliant transactions and the discontinuation of former payment procedures.