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03 April 2015

EPC: Amendment to SEPA SMIRs and SCT, and SDD Rulebooks


The SEPA Credit Transfer and SEPA Direct Debit Rulebooks have been updated to include the new SMIRs. This update of the rulebooks has no operational impact.

The amended Scheme Management Internal Rules reflect the adapted EPC governance and funding structure

As previously reported, with the main phase of the migration to harmonised SEPA payment schemes in the euro area complete, the EPC resolved to adapt its governance model. For more information, refer to the EPC Blog, entitled ‘European Payments Council 2.0: the EPC has adapted its structure to further enhance governance and stakeholder involvement’.

The adjustments to the EPC governance model are of an evolutionary rather than a revolutionary nature. They contribute to ensuring that the EPC meets its purpose, which is to support and promote European payments integration and development, notably SEPA. The primary objective of this evolution is to ensure that the EPC continues to be best equipped to perform its main task, i.e. to manage the SCT and SDD Schemes, in an efficient and transparent manner. The amended Scheme Management Internal Rules have been updated to reflect the new EPC governance structure.

The amended Scheme Management Internal Rules also detail changes to the EPC funding structure. These changes only impact scheme participants, i.e. payment service providers that have formally adhered to the SCT and SDD Schemes. Related principles are set out in section 7 (‘Scheme Management Cost Allocation’) of the new Scheme Management Internal Rules.

The SCT and SDD Rulebooks have been updated to include the amended Scheme Management Internal Rules; changes introduced into the updated rulebook versions are of a purely administrative nature and have no operational impact whatsoever

The Scheme Management Internal Rules are an integral part of the SCT and SDD Rulebooks. Consequently, the rulebook versions currently in effect as well as the rulebook versions to take effect in November 2015 and November 2016, respectively, have been updated to include the amended Scheme Management Internal Rules.

Amendments to the Scheme Management Internal Rules are of a purely administrative nature and have no operational impact whatsoever. The updated rulebook versions therefore, remain unchanged from a functional or technical point of view compared to the previous versions.

The rulebook versions currently in effect and the rulebook versions to take effect in November 2015 and November 2016, respectively, updated to include the amended Scheme Management Internal Rules, are:

  • The rulebooks currently in effect are the SCT Rulebook version 7.2, SDD Core Rulebook version 7.2 and SDD Business to Business (B2B) Rulebook version 5.2. These rulebook versions remain in effect until November 2015
  • The SCT Rulebook version 8.1, SDD Core Rulebook version 8.1 and SDD B2B Rulebook version 6.1 will take effect on 22 November 2015. The SCT Rulebook version 8.1 will remain in effect until November 2017. The SDD Core Rulebook version 8.1 and SDD B2B Rulebook version 6.1 will remain in effect until November 2016
  • The SDD Core Rulebook version 9.1 and SDD B2B Rulebook version 7.1 will take effect on 20 November 2016 and remain in effect until November 2017

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