achievIng SEPA and psd compliance
Many regulatory and self-regulatory steps have been taken towards establishing a single European payment market since the launch of the euro in 1999.
In 2006, the EBA created a working group composed of payment practitioners to look into the requirements banks need to meet in order to comply with the new rules and provisions being put in place. This working group has evolved over the years but its key objective has remained the same: to provide banks with concise overview documents highlighting the main issues that banks need to study in detail in order to plan and implement the necessary changes at the different levels of their organisations and achieve compliance. Deliverables included guides to SEPA, the Payment Services Directive and the SEPA Migration End-Date Regulation, which can be downloaded here.
In parallel, the EBA has supported industry fora, such as the Practitioners Ad hoc Panel on SEPA Ramp-up and the PSD Practitioners Panel, and currently facilitates the SEPA Migration Action Round Table (SMART). These fora are geared at addressing practical issues of an operational nature that may hamper banks in their implementation of a fully integrated euro payments area. Deliverables of these fora include the publication of explanatory notes and recommendations geared at establishing uniform business practices for this emerging payments environment.
If you wish to join SMART, please contact us.