What is SEPA?
SEPA is an EU initiative that aims to standardise payments in the EU through the introduction of uniform rules and file formats for debit and credit payments.
When are the transition dates?
Launched in 2008, SEPA has been introduced on a phased basis, with the launch of SEPA Direct Debit in 2008 and SEPA Credit Transfer in 2009. On March 31st 2012, the SEPA Migration end-date Regulation came into force. 1st February 2014* is the deadline for SEPA implementation according to the EU regulation.
*Final date subject to Irish Government decision.
Click here to view the SEPA timeline.
The SEPA vision is to create one efficient payment system for credit transfers and direct debits in euros in all SEPA countries.
There are 32 countries in the SEPA zone,
27 EU member states - Austria, Belgium, Britain, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland (Republic of Ireland), Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden.
Plus Norway, Switzerland, Lichtenstein, Iceland and Monaco.
SEPA Key Features and Changes
- Irish electronic domestic clearing system (IRECC) will replaced by the Pan European Automated Clearing House System - EBA clearing from 1/2/2014
- From 1/2/2014, all national Direct Debits and Credit Transfers will be SEPA Payments
- National Sort Code & Account Number will be replaced by BIC & IBAN
- Banks must be ready by 1/2/2014 ; Corporates, Businesses & Consumers by 1/2/2014 or 1/2/2016 (Final date subject to Irish Government decision)
- Direct Debit and Credit Transfer Payments that are currently issued using "Bulk files" (e.g. Salaries files via eBanking or EFTS), must be in the common standard format ISO 20022 XML
- Banks must be ready by 1/2/2014 ; All Customers by 1/2/2014 or 1/2/2016 (Final date subject to Irish Government decision)
- National Irish Bank fees for national and cross border euro payments within the SEPA zone are now charged at the same rate (as at 31st March 2012)
- SEPA Direct Debit scheme introduces:
- Increased control and rights for Debtors / Payers (e.g. increased refund right period, ability to block specified Creditors)
- Increased responsibilities for Creditors / Payees regarding collection of information, storage and communication thereof
SEPA enables you to:
- Create and receive payments between SEPA countries as easily as making National Payments today
- Execute a Direct Debit on a euro account within the SEPA zone
- Execute a Credit Transfer to any euro account within the SEPA zone.
Contact our SEPA Implementation experts today - Our SEPA capabilities, experience and support services will ensure you plan for a smooth and controlled transition.