This infographic shows the timeline of the past, present & future of SEPA, according to events published in SEPA for Corporates (http://www.sepaforcorporates.com/single-euro-payments-area/sepa-timeline/)

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>
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