Commitments of the stakeholders
The SEPA project is currently one of the major consumer payment market's initiatives in Europe. Support and commitments of the stakeholders to use the SEPA products are crucial for the implementation of the SEPA project.
- Banks
- Public authorities
- State JSC "Latvijas Pasts"
- Payment processing providers
- Payment technologies providers
Market demand side
Consumers
Representing consumer interests, the Consumer Rights Protection Centre encourages provision of information to consumers and public in general with easily accessible, comprehensible and timely information about the SEPA products, their fees and costs.
Companies
The Latvian Merchant Association
Representing the interests of merchants, the Latvian Merchant Association commits to support the SEPA core products, to disseminate information obtained within the SEPA project to the companies of the respective branch and offer SEPA card payments. The opinion of the Latvian Merchant Association was approved by the Council decision No 6.1 on 25 March 2009.
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The Small and Medium-Sized Enterprises and Crafts Consultative Committee of the Ministry of Economics of the Republic of Latvia
Representing the interests of Small and Medium-Sized Enterprises, the Small and Medium-Sized Enterprises and Crafts Consultative Committee of the Ministry of Economics of the Republic of Latvia has been informed about the SEPA core products. In accordance with the decision of the meeting held on 27 February 2009, the above Committee has furnished information obtained within the SEPA project to the companies of the respective branch and, under other favourable conditions (mainly the fees) has encouraged them to use the SEPA core products.
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The Employers' Confederation of Latvia
The Employers' Confederation of Latvia represents 50 branches of economy and regional employers' organisations, as well as socially responsible enterprises, employing 33% of the entire employees of Latvia. In the SEPA project, the Employers' Confederation of Latvia has defined benefits to be derived by companies, thereby paying particular attention to the corporates.
For corporates, common standards will enable the implementation of a single payment processing within the Single Euro Payments Area, resulting in resource savings. A single payment format will be used to send and receive the euro payments. Value-added services, such as e-invoicing and e-reconciliation, will facilitate fully automated processing of all payment phases. It is planned that a single bank account is only needed for using the payment instruments of the Single Euro Payments Area. The handling of incoming and outgoing payments will be eased, where one single format is used for all payments. To benefit from the Single Euro Payments Area in terms of money and time, a changeover from the lats to the euro should be implemented within the shortest timeframe possible.
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Public authorities
- The Ministry of Finance of the Republic of Latvia, State Tax Authority, State Social Insurance Agency and the Treasury of the Republic of Latvia execute payments via the Settlement Centre of the Treasury of the Republic of Latvia. When implementing the single SEPA payments, the time frame will be coordinated with the Treasury.
- The Bank of Latvia supports the SEPA project in Latvia and as a SEPA product user commits to send and receive SEPA credit transfers as of 12 November 2010.
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Market supply side
Banks
The banking sector of Latvia has undertaken to implement a euro payment offer compliant with the SEPA requirements by the end of 2010, and complete the SEPA project until the changeover to the euro in Latvia. More detailed information is available in the "SEPA Implementation Plan in the Banking Sector of Latvia" Version 1.0 approved by the Association of Latvian Commercial Banks on 29 May 2008.
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Public authorities
- On 27 January 2009, the Treasury of the Republic of Latvia undertook to adapt itsinternal payment processing information systems to the Electronic Clearing System (EKS) of the Bank of Latvia which aiming full compliance with the SEPA requirements and, in accordance with the time frame for the EKS development plan, to commence offering of the SEPA credit transfers to its customers and effect the SEPA credit transfers.
- By its Resolution No. 929/3 of 23 July 2009 the Board of the Bank of Latvia approved the Bank of Latvia SEPA Plan, which sets an objective to describe the use of SEPA core products at the Bank of Latvia by offering SEPA credit transfers to its customers.
At the same time, pursuant to the above Resolution, the Bank of Latvia supports the SEPA project in Latvia and as a SEPA product provider to offer its customers the opportunity to send and receive SEPA credit transfers as of 12 November 2010.
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State JSC "Latvijas Pasts"
State JSC "Latvijas Pasts" plans to delegate the provision of financial services to the JSC "Latvijas pasta banka" by 31 December 2010.
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Payment processing providers
– On 19 February 2009, the Board of the Bank of Latvia supported a concept on elaboration of the Electronic Clearing System into a SEPA compliant payment system, including a commitment to implement the SEPA requirements' compliant Electronic Clearing System for handling the SEPA credit transfers by 12 November 2010.
– JSC "Itella Information" commits to modify its direct debit payment infrastructure, i.e. information and communication technology systems, legal documents, as well as other processes and procedures according to the SEPA requirements by 1 November 2010.
– Ltd. "First Data Latvia" commits, within a period of 18 months after the approval of the SEPA card framework standards, to ensure the solutions supporting the single specification for the domains "terminal-to-acquirer" and "acquirer-to-issuer".
– AS DnB NORD Banka commits, within a period of 12 months after the approval of the SEPA card framework standards, to ensure their applicability in the domain "terminal-to-acquirer".
– "Swedbank" commits, within a period of 12 months after the approval of the SEPA card framework standards, to ensure their applicability in the domains "terminal-to-acquirer" and "acquirer-to-issuer".
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Payment technologies providers
Latvian Information and Communications Technology Association has supported and evaluated positively the implementation of FiDAViSta in Latvia, as it has allowed to facilitate interoperability of the systems significantly and is less time-consuming and has lead to a limited consumption of other resources. Upon implementing the FiDAViStaSEPA (EUR) standard, the coordination of the arrangements among banks, companies and information and communication technologies enterprises would be required, simultaneously also agreeing on the time frame for the transition process. Harmonised action of all SEPA project stakeholders would facilitate introduction of the new SEPA standards.
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Last updated: 19.02.2010. 16:32
