The European Payments Council (EPC) published a blog entry on 28 August 2014, offering a brief recap of the roles of various EU institutions with regard to the Single Euro Payment Area (SEPA) payment schemes. It also illustrates certain work items initiated by the newly established Euro Retail Payments Board (ERPB), chaired by the ECB, related to SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD).

What this means for you

Those subject to the SEPA payment schemes may find this blog entry a useful read to remind themselves of the roles and responsibilities of several regulatory bodies in relation to SCT, SDD and general retail payments, in particular, the ERPB, which replaces the SEPA Council.