The introduction of the Economic and Monetary Union and the Euro in 1999 set the foundations for the harmonization of each country’s payment system through the implementation of new rules and standard instruments common to all EU members. This new concept has culminated in the creation of SEPA – the Single Euro Payments Area.

SEPA works as a single domestic payments market in which citizens, companies and other economic participants are able to make payments as easily and standard prices as in their own country, namely cross-border credit transfers, direct debits, cards and cash, under the same basic conditions, rights and obligations, regardless of their location.

In order to face the self-regulation challenge, a coordination structure was established – European Payments Council (EPC) – responsible for the development of the payment schemes and frameworks necessary to the accomplishment of the goals defined by SEPA.

This process, which implemented the first changes (products and infra-structures) in 2008, namely SEPA credit transfers, will be finished by the end of 2010.

Given this new reality, SIBS has lined up with the new European processing standards, having already migrated to EMV technology (Europay- MasterCard- Visa), being now able to accomplish the four SEPA criteria defined by the Eurosystem and necessary to be SEPA compliant.

Terms of Reference for SEPA Compliance of Infrastructures

Self-Assessment on SEPA Compliance

For more information on SEPA, please go to European Central Bank and European Payments Council websites.