NEW SCHEMES
New payment schemes in Euro are coming into existence - SEPA Credit Transfer, SEPA Direct Debit, and possibly Prieuro. There are Rulebooks for these Schemes and initially they will run in parallel to the old schemes.
The new Schemes use a new data language - XML - and are derived from a new - but unadopted - global payments standard - ISO 20022.
The challenge is both to adhere to the Rulebooks and adopt XML/ISO 20022, while delivering the service on old systems and machines and processes, in order not to start a disconnected “SEPA” bank.
There are significant tensions around:
- Lack of an EPC Scheme for urgent payments
- Delay in roll-out of the Direct Debit Scheme
- Neither EPC Scheme containing the data fields needed if banks in certain countries are obliged to report the payment details to their Central Bank
- Neither EPC Scheme being an exact equivalent of any of the legacy schemes to be retired
- End-to-end timing
- Establishment of new mandates under the Direct Debit Scheme
- Data conversion from usage of legacy layouts of Bank Account Numbers and Bank Routing Codes to the new standard, IBAN and BIC (International Bank Account Number and Bank Indicator Code)
