On 19 May 2014, the European Payments Council (EPC) published a press release announcing the launch of consultations on possible modifications to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The rulebooks contains sets of standards and rules for the execution of SEPA payment transactions that have to be followed by adhering payment service providers. The following change request consultation documents have also been published: (i) SEPA Direct Debit Business to Business Rulebook (EPC099-14); (ii) SEPA Direct Debit Core Rulebook (EPC098-14); (iii) SEPA Credit Transfer Rulebook (EPC096-14).

What this means for you

The deadline for responses is 15 August 2014. The EPC intends to publish its next generation rulebooks (SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0), and associated implementation guidelines in November 2014, to take effect in November 2015.