SEPA

The EU Member States and the European Parliament are working on legislation that will make migration to the SEPA payment standards mandatory.

Dutch businesses will have to adjust their accounting records and systems to the European standards and account numbers.

In two or three years, Dutch consumers will only be able to make payments using European credit transfers and direct debits, with a European account number (IBAN).

Europe is moving towards a single, large payments market: the Single Euro Payments Area. National payment processors and providers will no longer be protected from foreign competition. This will raise efficiency.

The SEPA migration is organised at country level. To realise a smooth and timely migration in theNetherlands, payment system providers and users conclude agreements in the Nationaal Forum voor de SEPA-migratie (NFS).

A single European payments market offers countries with inefficient payment systems relatively greater benefits than those with efficient systems, such as the Netherlands. But the Netherlands can also benefit, even though most of advantages will come about in the longer term.

DNB’s aim is to ensure the successful introduction of the European market for euro payments.

Here are links to the SEPA migration plan, speeches, progress and survey reports, consultations, memos, statistics and links to other websites.