European Council of the payments

Objective and missions

The European Council of the payments (or European Payments Council: EPC) was born in June 2002, on the initiative of the European banks and their European Federations, with the objective to set up the Single Euro Payments Area (SEPA). Its work concerns flows in euro to Europe, with a priority approach on the euro area. One of the roles of the EPC is thus to facilitate the joint work of the European banking companies, in order to implement the SEPA. In the same way, the EPC is an authority of proposals and dialog with the European commission, the Parliament and the European representatives of the customers (undertaken and consuming).

To ensure its missions, the EPC set up work groups by means of payment: direct transfers, flows, charts and fiduciary currency (species). Two transverse groups, on the legal standardization and aspects, bring their expertise.

Achievements of the EPC since its creation

March 2006, supplemented in June 2007: The EPC defined the functional rules for new instruments of transfer and taking away.

After having defined a " data model SEPA" , the EPC entrusted to SWIFT the definition of the standards ISO 20022 which will be to use for the transfer and taking away SEPA.

the EPC also defined high level principles for the payments by charts in Europe.

the creation of Credeuro convention is one of the first decisions of the EPC, taken as of the end of 2002. This convention aims at guaranteeing the execution, in deadline a 3 days, transfers transborder STP up to 50.000 euros (12 500 euros before January 1st, 2006), for which the client provided the codes IBAN and BIRO.

As regards infrastructure, since December 31st, 2003, any European bank is able to receive and treat the operations of the systems in conformity with the principles of infrastructure paneuropéenne (PEACH).

Bonds

File Means of payment in Europe on fbf.fr
the site of the EPC

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