IBAN - SEPA

The migration towards a Single Euro Payments Area (SEPA) has begun. PEPR is also implementing the SEPA standard for all customers and suppliers. It means that national payment systems and payment infrastructures must adopt European standards. The European SEPA Regulation imposes end dates on the migration of all national credit transfers and direct debits denominated in euro to European ones. After these end dates only non-cash retail payments based on common European standards will be permitted and there will no longer be any distinction between domestic and cross-border payments in euro. A broad-based approach at national level, including implementation timelines, is therefore urgently required. Under the timelines imposed by the SEPA Regulation, time for the mandatory migration to SEPA will be relatively short. In order to meet the timelines of the SEPA Regulation, the National Forum on the Payment System (MOB) has drawn inspiration from the euro migration a decade ago to set up the National Forum on SEPA Migration (NFS). Within the framework of the NFS, banks and other providers of payment services, large and small business users of payment services, software suppliers, consumers and intermediary parties can closely coordinate their activities in order to achieve a smooth migration.

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Click op this picture to download the proper documentation about the IBAN conversion.