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SEPA
Maatschappelijk overleg betreffende het BetaalverkeerDébat sociétal sur les moyens de paiement
Nationale Bank van BelgiëBanque nationale de Belgique
03/05/2012KoepelorganisatiesFédérations
Jan VermeulenAxelle Waterkeyn
SEPA info session federations - 3 may 20122 / 44
Agenda
► What is SEPA (JV)► Status of SEPA (AW)
● in Belgium● in Europe
► Legal framework (JV)● New Regulation on end-dates for SEPA migration
► Lessons learnt from Electrabel, the early mover to SDD (AW)
► Next steps and questions (JV)
SEPA info session federations - 3 may 20123 / 44
What is SEPA?
SEPA info session federations - 3 may 20124 / 44
SEPA: objective EFTA
EU27
Eurozone
€ payments within 32 countries* 99 % of all our non-cash payments are affected impact SEPA > introduction € cash
* 32 countries: EU + Norway, Liechtenstein, Iceland, Switzerland & Monaco
SEPA info session federations - 3 may 20125 / 44
SEPA: Major players
EPC
SEPA info session federations - 3 may 20126 / 44
SEPA Payment instruments
01/2008 11/2009
SEPA credit transfer
Public authorities as first moversFollowed by big billers
SEPA Direct Debit
STOP! National
CT
National DD
Technical, contractual and business standards
SEPA cards
02/2014
First big biller migrates end 11/2011
SEPA info session federations - 3 may 20127 / 44
PE-ACHPayment system
SEPA benefits
SEPA info session federations - 3 may 20128 / 44
►National Bank of Belgium ● "Maatschappelijk overleg Betaalverkeer (MoB)"● "Débat sociétal sur les moyens de paiement"● "Societal debate on the future of payment means"
SEPA working groups Public authorities Consumers Businesses
SEPA migration - organisation in Belgium
SEPA info session federations - 3 may 20129 / 44
SEPA migration - organisation in Belgium
► Aim of today ● Information delivery on
General progress of SEPA New End-date Regulation Experiences first mover Non-commercial related questions
● Contactpersons for further exchange of information● Spread the "SEPA" word!
SEPA info session federations - 3 may 201210 / 44
SEPA, status in Belgium & Europe
SEPA info session federations - 3 may 201211 / 44
State of play - SCT
Jan
2009
Jul
2009
Jan
2010
Jul
2010
Jan
2011
Jul
2011
Jan
2012
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
2.3% 4,4%
16.7%
36.6%
44,7%51.2%
53.8%
1.9%
9,7%
6.2%
24,2%
9,0%
14,7%
20.5%
24.5%
24.8%
Credit Transfers processed in SEPA format (% of total CTs)
CEC
Euro area CSMs
SEPA info session federations - 3 may 201212 / 44
State of play - SCT
BE DE IE GR ES FR IT CY LU MT NL AT PT SI SK FI EE0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
SCT - per country
2008-H1 2008-H2 2009-H1 2009-H2 2010-H1 2011-H1
BE DE IE GR ES FR IT CY LU MT NL AT PT SI SK FI0
10
20
30
40
50
60
70
80
90
100
SCT % - per country
2008-H2 2009-H2 2010-H2 2011-H2
SEPA info session federations - 3 may 201213 / 44
State of play - SCT
► Last figures in Belgium: 53.8% (March 2012)► 01/01/2011: stop processing old paper forms
► New folder on SCT migration
SEPA info session federations - 3 may 201214 / 44
SEPA info session federations - 3 may 201215 / 44
State of play - SDD
2009
-11
2009
-12
2010
-01
2010
-02
2010
-03
2010
-04
2010
-05
2010
-06
2010
-07
2010
-08
2010
-09
2010
-10
2010
-11
2010
-12
2011
-01
2011
-02
2011
-03
2011
-04
2011
-05
2011
-06
2011
-07
2011
-08
2011
-09
2011
-10
2011
-11
2011
-12
2012
-01
2012
-02
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
0.00
0.10
0.20
0.30
0.40
0.50
0.60
Direct Debits processed in SEPA format(% total DD)
Volumes of SDD transactions (Millions) % share of SDDs in number of total transactions processed
Electrabel BE
SEPA info session federations - 3 may 201216 / 44
European developments
► SDD Fixed amount scheme● EPC scheme● Code of conduct ?
► European Commission Green Paper● "Towards an integrated European market for card, internet
and mobile payments." Consultation process until 11 April 2012 See:
http://ec.europa.eu/internal_market/payments/cim/index_en.htm
► European Commission's proposal on an end-date for migration to SEPA
SEPA info session federations - 3 may 201217 / 44
Legal Framework
SEPA info session federations - 3 may 201218 / 44
SEPA legal framework
► Payment Services Directive 2007/64/EC (PSD)● Wet betreffende de betalingsdiensten/Loi relative aux
services de paiement Transparency of conditions and information requirements for
payment services Rights and obligations to the provision and use of payment
services
● Wet betreffende het statuut van de betalingsinstellingen /Loi relative au statut des établissements de paiement
Establishment of "Payment Institutions"
► Regulation 924/2009 on cross border payments● Equal charges for national and cross border payments
► Regulation establishing technical and business requirements for
credit transfers and direct debits in euros
SEPA info session federations - 3 may 201219 / 44
Regulation of the European Parliament and of the Council
► Regulation establishing technical and business requirements for credit transfers and direct debits in euros
► Règlement établissant des exigences techniques et commerciales pour les virements et les prélèvements en euros
► Verordening tot vaststelling van technische en bedrijfsmatige vereisten voor overmakingen en automatische afschrijvingen in euro
LINK:
NL= http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:094:0022:0037:NL:PDF
FR= http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:094:0022:0037:FR:PDF
SEPA info session federations - 3 may 201220 / 44
Regulation of the European Parliament and of the Council
► Proposal from the Commission -16 December 2010
► Adoption on 14/03/2012 ► Published in Official Journal on 30/03/2012
SEPA info session federations - 3 may 201221 / 44
Regulation, article 1
► Article 1: Scope● credit transfers and direct debit in € within the EU
both legs in the EU
● out of scope: cards mobile payments money remittance e-money
SEPA info session federations - 3 may 201222 / 44
Regulation, article 6
► Article 6: End dates● "Credit transfers shall be carried out in accordance with the
requirements ... by 1 February 2014"● "Direct debits shall be carried out in accordance with the
requirements ... by 1 February 2014"
► Technical requirements in Annex
SEPA info session federations - 3 may 201223 / 44
Regulation, article 5
► Article 5: Requirements for credit transfer and direct debit transactions
► Technical requirements in Annex
► more or less in line with European Payment Council (EPC) Rulebooks
● Use IBAN & BIC● Use ISO20022● Data fields● ...
SEPA info session federations - 3 may 201224 / 44
Regulation, article 5 ► Article 5: Requirements for credit transfer and direct
debit transactions► more or less in line with European Payment Council
(EPC) Rulebooks● Credit transfers
IBAN only ! from 01/02/2014 for national payments
» but possibility to postpone per country
from 01/02/2016 for cross border payments
● Direct debits " ... payers shall have the possibility to:
instruct their PSP to limit a direct debit collection to a certain amount or periodicity, or both;
request their PSP, where there is no refund right according to the PSD, to verify each direct debit transaction and to check whether the amount and periodicity of the submitted direct debit transaction is equal to the amount agtreed in the mandate;
instruct their PSP to block any direct debits to their account or to block any direct debits coming from one or more specified payees or to autorise direct debits only coming from one or more specified payees."
but not applicable for B2B!
SEPA info session federations - 3 may 201225 / 44
Regulation, article 5, continued
● "The PSP shall ensure that a Payment Service User (PSU) that is not a customer or a micro-enterprise, and initiates or receives individual credit transfers or direct debits which are bundled together for transmission, uses message formats ISO20022."
Option to postpone until 01/02/2016.
SEPA info session federations - 3 may 201226 / 44
Regulation, article 3 & 9
► Article 3: Reachability● " ... the payment service provider (PSP) of the payee ... shall be reachable ...
for credit transfers ... initiated ... in any member state ... " ● " ... the payment service provider (PSP) of the payer ... shall be reachable ...
for direct debit transactions ... initiated by a payee ... in any member state ... " only for "consumers", not for B2B
► Article 9: Payment accessibility● "A payer making a credit transfer up to 50 000 € to a payee with a payment
account located within the Union shall not specify in which member state the that payment account should be located ..."
● " A payee using a direct debit to collect funds up to 50 000 € from a payer with a payment account located within the Union shall not specify in which member state that payment account should be located .. "
► Conclusion:● Credit transfers have to be credited on an account regardless where
the account is held● Direct debit can be made regardless where the payee/payer hold their
account
SEPA info session federations - 3 may 201227 / 44
Regulation, article 8
► Article 8: Interchange fees for direct debit transactions
● "the aim of the European Commission is to create neutral conditions for competition between PSP's"
● " ... no multilateral interchange fees per direct debit transaction or other agreed remuneration with an equivalent object or effect shall apply to direct debit transactions."
Exception for "R-transactions", if they are cost-based
SEPA info session federations - 3 may 201228 / 44
Regulation, article 16 ► Transitional provisions
● Credit transfer niche products (less than 10%, 01/02/2016)● Direct Debit niche products (less than 10%, 01/02/2016)● Allow PSPs to provide conversion services for national
payment transactions to consumers tot 01/02/2016● Non-euro area countries
SEPA info session federations - 3 may 201229 / 44
Regulation, article 17: Amendments to Regulation (EC) N° 924/2009 ► Charges levied by a payment service provider on a
payment service user in respect of cross-border payments shall be the same as the charges levied for corresponding national payments
● the 50.000 € treshold disappears!
SEPA info session federations - 3 may 201230 / 44
Regulation, overview per item
SEPA End Date CT and DD 1 Feb 2014
Non-euro area MS 31 Oct 2016
DD MIF End Date Cross-border 1 Nov 2012
Domestic 1 Feb 2017
Phase-out of BIC Domestic 1 Feb 2014 (could be deferred by MS until 1 Feb 2016)
Cross-border 1 Feb 2016
Conversion facilities
ISO 20022 XML
National account numbers
Payment service users
1 Feb 2016 (if opted in by MS)
1 Feb 2016 (if opted in by MS)
Phase-out niche products CT and DD 1 Feb 2016
Interoperability Euro area MS 1 Feb 2014
Non-euro area MS 31 Oct 2016
Payment card at POS resulting in a direct debit
e.g. the German ELV 1 Feb 2016
source: ECB
SEPA info session federations - 3 may 201231 / 44
1.
1 February 2014 Migration end-date for SEPA credit transfers and SEPA direct debits in Euro Member States
31 October 2016 Migration end-date for SEPA credit transfers and SEPA direct debits in non-Euro Member States – Note one year after joining euro, if earlier
1 February 2014 End-date for grandfathering existing direct debit mandates
1 November 2012 Prohibition of per-transaction MIF for cross-border direct debits
1 February 2017 Prohibition of per-transaction MIF for national direct debits
Immediately effective Reachability for SEPA credit transfers and SEPA direct debits in Euro Member States
31 October 2016 Reachability for SEPA credit transfers and SEPA direct debits in non-Euro Member States – Note one year after joining the Euro, if earlier
1 February 2014 Interoperability in Euro Member States
31 October 2016 Interoperability in non-Euro Member States – Note one year after joining the Euro, if earlier
1 February 2014 Elimination of the obligation for users to provide the BIC for national payments, where necessary – Note Member States have the option to defer to 1 February 2016
1 February 2016 Elimination of the obligation for users to provide the BIC for cross-border payments
1 February 2016 Expiry of transitional arrangements for so called 'niche products'
1 February 2016 Expiry of transitional arrangements for one-off direct debits used at merchants (e.g. in Germany 'Elektronisches Lastschriftverfahren' – ELV)
1 February 2016 Expiry of Member State option to allow banks to provide conversion services
Regulation, overview of the dates
SEPA info session federations - 3 may 201232 / 44
Regulation: conclusions
► Published ► Strict deadlines ► Use of ISO20022► Time to
● Start migration to SCT for those who did not yet start
● Plan SDD migration
SEPA info session federations - 3 may 201233 / 44
Lessons learnt from Electrabel
SEPA info session federations - 3 may 201234 / 44
SDD 'Big billers' January 2012
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 200
2000000
4000000
6000000
8000000
10000000
12000000
14000000
16000000
Electrabel
Nombre de mandats
50%
SEPA info session federations - 3 may 201235 / 44
Case study November 2011
SEPA info session federations - 3 may 201236 / 44
Migration work (1)
► On master data● Cleaning● Verify the quality & completeness of BNB file
(debugging)● Verify the quality of your data● Enrichment IBAN before go live to reduce
conversion time● Pro – active and after care process if not possible
to convert
SEPA info session federations - 3 may 201237 / 44
Migration work (2)
► On testing ● Real productive End2End SDD & SCT test● Mass tests files (volumes)
► On Customer● Information mandatory
SEPA info session federations - 3 may 201238 / 44
Lessons learnt (1)
► New business rules► New master data mandate management
● Create, modify, delete, scanning, archiving● R-Transactions : impact on process, data,…
► New file format► New interfaces with bank e.g. upgrade Isabel► New documents : Letters, footers,…► New reports to create► New hardware / software e.g. scanner, …
SEPA info session federations - 3 may 201239 / 44
Lessons learnt (2)
► A Program structure with a budget and dedicated ressources
► A Planning (Time not to underestimate)► To start it as fast as possible, It takes time ► To choose your bank(s) partners as quickly as
possible ► To create awareness internal & external► To train everybody► Tests Tests Tests and Tests► To inform your customer
SEPA info session federations - 3 may 201240 / 44
Next steps
SEPA info session federations - 3 may 201241 / 44
Next steps
► Organise Steering Committee on the Future of Payment Means
● NBB invites your CEOs● Present Progress report on the migration towards
SEPA Focus on communication campaign
● Publish report● Collect information from you on your planning
SEPA info session federations - 3 may 201242 / 44
Next steps
► 2008 ► 2009 ► 2011► 2010
► 28/01► Start► SEPA
► April► Q4
► aangifte► met
► brochure
► op aanvraag
► aanslag met SEPA- formulier
► Q1
► stop verzending
oude
formulieren
► stop verwerking oud
e formulieren
► 31/12► Q3► Q2 ► Q4► jan► feb► maa
Example migration SCT
SEPA info session federations - 3 may 201243 / 44
Next steps: migration SDD
2009 2010 2011
Novembre Avril
START SDD
PSD entry into force
Q2 Q3 Q4Q1
2012 2013...
Q2 Q3 Q4Q1
321
SEPA info session federations - 3 may 201244 / 44
Information and Contacts
► your bank...
► Febelfin● http:/www.sepabelgium.be
► NBB● www.nbb.be/sepa/en● Jan Vermeulen tel 02 221 23 12 ● Axelle Waterkeyn tel 02 221 49 80● cashlesspayments@nbb.be
► European Commission● http://ec.europa.eu/internal_market/payments/sepa/index_en.htm
► EPC● www.europeanpaymentscouncil.eu/
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