SEPA: Single Euro Payments Area
The European banks, the European Central Bank and the European Commission share the vision that all economic actors will be able to make and receive payments in euro's’, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their location.
To this end the European banking industry founded the European Payments Council (EPC) to define new rules and procedures for Euro payments (made by credit transfer, direct debit and cards). From January 28 2008 onwards banks offer and process European payments based on the EPC standards. Dutch banks also will contribute to the creation of the Single Euro Payments Area.
The Dutch banking industry, represented by the Netherlands Bankers’ Association (NVB), together with DNB and with Currence, the owner of various domestic collective payment products, have created the SEPA Steering Group to be responsible for co-coordinating, and monitoring the progress of, the migration to SEPA in the Netherlands.
This Steering Group delivered the Dutch SEPA Migration plan (June 2009) in which it describes how the Netherlands will migrate from national to European payment instruments. Although a number of uncertainties remain in the SEPA programme, the plan outlines as clearly as is currently possible the migration process as envisioned by the Steering Group. The plan thus offers a solid basis for the deliberations on the migration to SEPA in the National Forum on Payment Systems.