Components

The SEPA project is the part of European economic integration and single market development process. It is an ongoing process aimed at harmonizing the fragmented European euro payments market. The European Payments Council is elaborating the general SEPA requirements gradually. Upon completion of single payment stage, the development of the next stage – value-added services around the payment – is in progress.

The initial stage of the SEPA project relates to the introduction of the harmonised commercial framework and technical standards of the bank-to-bank domain. The European Commission and  European Central bank recommend mentioned SEPA requirements to expand for bank-to-customer and customer-to-bank domains as well. The first stage is implemented when single payment instruments, clearing and settlement infrastructures, standards and legal framework have been introduced.

During the next stage the using of electronic and all kinds of other non-paper based services for payment initiation and receiving will be facilitated ensuring an e-SEPA implementation with end-to-end straight through processing, i.e. entire payment chain without manual interference.