1.
1999
1st January euro currency was
officially launched as an
electronic / accounting
currency, ’old’ currency
continued to be used for
cash payments
2002
1st January introduction of euro
banknotes and coins in Belgium,
Germany, Ireland, Spain, France, Italy,
Luxembourg, the Netherlands, Austria,
Portugal, Finland and Greece
EPC European Payments
Council was founded and
explained it was “the decision-
making and coordination body of
the European banking industry
in relation to payments”
2007
5th December official
publication of the Payment
Services Directive (PSD) - the
regulatory initiative tasked
to standardize payment
services within the European
Union
2008
28th January EPC launches
the SEPA Credit Transfer
Scheme (SCT)
2009
1st November
Deadline for the
implementation of
PSD in the euro
countries
November
EPC launches
the SEPA
Direct Debit
schemes
2012
31st March
›Regulation No 260/2012 detailing the technical and
business requirements for SEPA Credit Transfers and SEPA
Direct Debits was published also known as the SEPA
Regulation
›The SEPA Regulation mandated that credit transfers and
direct debits should be implemented as stated in the
requirements by 1st February 2014
1st November cross
border interbank
fees for direct debits
no longer permitted
2013
1st February
›Member states to indicate their non-
compliance penalties
›Member states to identify any payment /
direct debit collection schemes that
would be exempt from the SEPA Regulation
2014
9th January EC announces
a 6 month ‘transition
period’ - effectively
allowing ‘legacy’ payment
and direct debit
collections to continue
until 1st August 2014
1st February
›DEADLINE FOR THE MIGRATION TO
SEPA CREDIT TRANSFER & SEPA
DIRECT DEBIT
›BIC no longer mandatory for
‘domestic’ SEPA Credit Transfer,
unless otherwise stated by
member state
2016 2017
1st February
›BIC no longer mandatory for cross
border SEPA credit transfers the so
called ‘IBAN only rule’
›Niche products deadline for the
migration to SEPA Credit Transfer /
SEPA Direct Debits
31st October SEPA
deadline for euro
denominated payments in
non-euro area countries
1st February domestic
interbank fees for
direct debits will no
longer be permitted
Timeline & events as published by SEPA for
Corporates in
SEPA Timeline The Past, Present and Future…
<THE PAST
the future>
www.paymentcomponents.com