EPC Launches Public Consultation on the Evolution of SEPA Schemes

The European Payments Council (EPC) has launched a three-month public consultation on possible modifications to the single euro payments area (SEPA) Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The EPC encourages all SEPA stakeholders to provide feedback by 15 August 2014. The next generation rulebooks, (SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0), and associated implementation guidelines will be published in November 2014 to take effect in November 2015. In accordance with industry best practice, payment service providers (PSPs) and their suppliers have a one-year lead time to address rulebook updates prior to such updates taking effect.

EPC Chair Javier Santamaría comments: “Proposed changes to the schemes that find broad acceptance in the entire stakeholder community and are technically and legally feasible are taken forward. Proposed changes that lack such broad support are not – regardless of whether such a change is proposed by a PSP or by a user representative. This ensures that the SCT and SDD Schemes evolve in line with the requirements of the majority of all market participants. The EPC encourages all stakeholders to provide feedback on possible modifications to be introduced into the SCT and SDD Rulebooks by 15 August 2014.”

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