Background - What is SEPA?

The introduction of the EURO in 2001 in the participating member states of the EU was also the basis for SEPA (Single Euro Payments Area).

Since January 28, 2008, regulations and standards are implemented to be able to profit from the intended standardisations for electronic payments as well. 

In EU countries, incl. those not part of the Euro zone, and some non-EU countries, cross-border payments are simpler, more secure and more cost effective. To achieve this, payment procedures for credit transfers and direct debits were standardized across Europe. These products can already be used today and will replace national formats at the agreed upon dates.

Migration to SEPA: How can migration be successful?

Modalities for the standardization of the Single Euro Payments Area (SEPA) have been discussed for a long time. The European Parliament now has defined February 1, 2014 as the final date for migration to the new SEPA schemes for credit transfers (SCT) and direct debits (SDD).  

The German Federal Cabinet has passed required legislation for Germany on April 25, 2012.   The legislation also includes transitional provisions for the German payment area which allows the use of current payment formats, such as electronic direct debit procedure at POS until February 1, 2016.  

In the meantime, you have the opportunity to adjust your payment processes to the new standards. At first glance, only few adjustments may seem necessary, but as so often, the devil lies in the details. A structured approach and a timely start can protect you against unpleasant surprises.

The following items are of particular importance:

We recommend using the SEPA migration to look at all you payment processes and systems in regard to practicality and efficiency, as improvement of process and infrastructure - e.g., consolidation and centralization - which in turn can help to significantly reduce the overall effort for migration. Ideally, hidden synergy potential can be discovered in this process:

cogon supports you with your SEPA migration not only with a SEPA-compliant electronic banking solution but also with in-depth and practical know how. Profit from our expertise and best practice experiences.


Contact us today and make an appointment.

Weitere Informationen finden Sie auf der offiziellen Website der Deutschen Bundesbank