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Single Euro Payments Area (SEPA)

Towards a unified euro payment market

In recent years, SEPA (Single Euro Payments Area) has profoundly modified the entire financial landscape. Indeed, while the process is not yet over, the foundation of an integrated European and euro-denominated payment area is gradually coming into existence. Such changes are not without effects for your company [link to effects]. You can of course rely on BNP Paribas Fortis to support you and provide you with information at all times.

Why SEPA ?

SEPA responds to a requirement of the European Commission, aiming to harmonise the different payment systems existing within Europe.

SEPA will be the area where citizens, companies and other economic actors will be able to make and receive payments in euro, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations regardless of their location.
EPC Roadmap December 2004 - European Payments Council

And the legal framework?

It is the PSD (European Payment Services Directive) that establishes the common legal bases for payment services within SEPA.

The EPC (European Payments Council) is the European banking decision-making body in the field of payments. It coordinates all activities that should lead to the introduction of SEPA.

Which products are concerned?

SEPA covers three cross-border electronic payment instruments:

Which countries are concerned?

The countries affected by SEPA are the 27 Member States of the European Union, as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco.

A few dates to remember

  • 28 January 2008: Launch of European transfers.
  • 2 November 2009: Launch of European direct debits. BNP Paribas Fortis had completely adapted its offer in advance, to be able to offer all necessary services from the start.
  • End-2010: Every participating country has equipped its bank cards with the European security standard and all sales outlets can accept these cards.
  • 17 October 2011: Definitive discontinuation of national paper transfers. Only the red European form can still be used.
  • 1 February 2014: The Belgian direct debit (DOM80) and national electronic transfers will definitively give way to the European systems.

Find out more on the effect of SEPA for your company