EPC releases updated versions of SEPA Credit Transfer, SEPA Direct Debit Rulebooks

Tuesday 25 November 2014 11:57 CET | News

The European Payments Council (EPC) has rolled out updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks.

Since the launch of the SCT Scheme in 2008 and the SDD Schemes in 2009, the EPC has generally published updated versions of the rulebooks and associated implementation guidelines. The SCT and SDD Schemes evolve based on a transparent change management process adhered to by the EPC. This evolution reflects changes in market needs and updates of technical standards.

The 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 take effect on November 2015. In accordance with industry practice, payment service providers (PSPs) and their suppliers have a one-year lead time to address rulebook updates prior to them taking effect.

The EPC develops the Single Euro Payments Area (SEPA) payment schemes, based on global technical standards made available by international standards bodies, such as the International Organization for Standardization (ISO), in close dialogue with all stakeholders. The SEPA payment schemes, as defined in the SCT and SDD Rulebooks, contain sets of rules and standards for the execution of SEPA payment transactions that have to be followed by scheme participants, i.e. PSPs that have formally adhered to the schemes. These rulebooks can be regarded as instruction manuals which provide a common understanding on how to move funds between payment accounts within SEPA.

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Keywords: European Payments Council, SEPA, payment service providers, payments
Categories: Payments & Commerce
Countries: World
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