SEPA Regulation Overview: Key Dates and Migration Details
Explore the SEPA regulation details including key dates, migration process, and influencing factors. Learn about the gradual MIF ban, mandatory features, and the use of IBAN and BIC. Understand the impact on national euro retail credit transfers and direct debits. Stay informed about the strict ban on Multilateral Interchange Fees and the transition to ISO 20022 XML standard. Follow the timeline for final ratification and adoption of the regulation.
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Presentation Transcript
SEPA Regulation on end dates SEPA task froce Dec-2010 1 1
A complex web of influencers More end customer focused, proposes gradual MIF ban over time and proposes one date for end of migration (Feb 2014) Rather strict on MIF (SDD) and short timelines for end of migration. Insists on delegated powers for ensuring swift reaction for changes and innovation. ECB excludes the HVPS. EU Commission and ECB / Eurosystem Hungarian EU Council Presidency EU Parliament Regulation Banks Try and push back MIF ban, en dates, mandatory features and powers given to the Commission to change technical requirements Compromise text comes back mainly on exclusion of HVPS and MIF ban as from 2012. Industry Stakeholders & lobbies
Short term calendar for negotiations HU Presidency compromise text on SEPA end date regulation Published 17/03/11 ECON Committee (EU Parliament) draft report 28/03/11* ECB/EuroSystem Legal Opinion 07/04/11 Hearing on SEPA in European Parliament 13/04/11 ECON report expected Deadline for amendments to regulation Planned adoption in ECON and Parliament plenary 21/04/11 16/05/11* Today 27/06/11* Final ratification of the Regulation (EP Plenary) 12/09/11* * Tentative timetable 3
SEPA Regulation - Likely final compromise Sets end date for current national euro retail credit transfers and direct debits end Jan 2013 (Credit Transfers) and end Jan 2014 (for Direct Debits) Excludes HVPS from the Regulation but ECB/Eurosystem appetite for migration in line with T2S calendar (end 2014) Imposes ISO 20022 XML standard for euro retail CT and DD messages for the interbank space and after a transition period, for customers sending or receiving bulk files Makes the use of IBAN and BIC mandatory ** Introduces a strict ban on per transaction Multilateral Interchange Fees (MIFs) for DDs*** as from 2012 for X-border and 2018 for Domestic transactions. Only allows cost-based fees for R-transactions (returns, rejects, refusals, reversals). * ** *** The regulation supplements regulation 924/2009 on equality of charges. **** Position taken at ECON Committee discussion on 20 April 2011 Planned adoption of final compromise text by Parliament and Council is 27 June 2011. BBAN IBAN conversion will still be allowed for national payment transactions during a transition period. 4
SEPA means SWIFT Significant growth for early adopters (+25% volumes 2010 vs. 2009 on average) Slower but tangible evolution of more recent LVP MIs Healthy and significant volumes of retail payments over SWIFTNet FA (est. 550 million payments/month) Steep growth of FA traffic provoked by LVP Mis 2011 YTD (+32%) LVP MIs evolution Bank-to-MI business is 94% vs. 6% for inter-MI business (EACHA and EBA STEP2 volumes) Domestic traffic is 90% vs. 10% cross border (on SWIFT) At least 33% of the volumes are SEPA with a steady growth Segment distribution 44 new users in 2010 on RPS and EBA for +55 mio pmts/year 172 customers growing at more than 18% (+1.1 bio pmts/year) Participants to LVP MIs 5
