In consideration of the expected withdrawal of the UK from the EU the UK payment service providers (PSPs), represented through ‘UK Finance’, filed an application with the EPC to be able to maintain the participation of the UK in the EPC’s SEPA schemes in the event of a no-deal Brexit.
The UK is currently part of the geographical scope of the SEPA schemes due to its EU membership. Currently, 84 UK payment service providers (PSPs) participate in the SEPA Credit Transfer (SCT) scheme, 40 in the SEPA Direct Debit (SDD) Core scheme, 27 in the SDD B2B scheme and 5 in the brand-new SCT Instant scheme.
The Board, at its 7 March 2019 meeting, has taken the decision to approve the application from UK Finance for the continued participation of UK in the schemes after 29 March 2019 in the event of a no-deal Brexit.
This decision shall be revisited regularly to ensure the continued compliance of the UK under the EPC’s SEPA scheme participation criteria in line with the established practice.
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