SEPA Credit Transfer

SEPA credit transfers have been available for processing both domestic and cross-border European payments since 28 January 2008. In order to use this procedure, a payment service provider must first sign the corresponding European Payments Council (EPC) adherence agreement and convert its systems to process SEPA payments. The EPC provides an up-to-date list of the over 4,500 payment service providers participating in SEPA.

The transposition of the Payment Services Directive (PSD) into domestic law means that since January 2012 the maximum execution time for domestic and cross-border payments in Europe has been at just one banking business day, irrespective of the SEPA-area country in which the payee’s account is held. The Eurosystem regularly monitors the level of SEPA Credit Transfer usage in the entire euro area as well as in individual SEPA participating countries using SEPA indicators (2008 / 2009 and 2010 / 2011 (only in German)). Since its introduction on 28 January 2008, the use of the SEPA Credit Transfer has steadily increased.