The timeplan for SEPA

1993
The European Union (EU) is established.

1999
The introduction of the Euro commences. A more transparent and efficient payment area has been the goal of the European Union since the introduction of the Euro.

2000
The agreement on the Lisbon Agenda, to make the EU "the most competitive and dynamic knowledge-driven economy by 2010". With the SEPA initiative, Europe is now moving towards this goal.

2002
Together with 39 other European banks, Swedbank started the EPC (European Payments Council). The EPC is the banking organisation responsible for the development and introduction of SEPA by creating standards and rules for payments instruments. The aim is that all euro payments, cross-border as well as domestic, will be processed the same way across Europe.

Swedbank has participated actively since the very beginning and will continue to do so.

2007
The PSD (Payment Service Directive) is the EU legislation that will support the development of SEPA. It is approved and will be ready for implementation in to national legislation.

2008
The introduction of SEPA will be done in stages starting from January 2008, and it will assure the same standard of quality, speed and security as each country’s domestic payment market has today.

As a customer in the Swedbank Group, you will benefit from the Swedbank commitment to be an early adopter of the SEPA payments.

1.28.2008
The first payment instrument – the SEPA Credit Transfer (SCT) is ready for Swedbank customer to use. The SCT is an account-to-account deposit, with guaranteed time and cost; i.e., both payer and payee know with full assurance when the recipient’s account will be credited, and what the total cost will be.

2009
At the end of 2009, the next payment instrument will be introduced, SEPA Direct Debit (SDD). This will allow companies to debit individuals and other companies within the entire SEPA area.

2010-2012
Towards 2012 the new payments infrastructure and its payments instruments will most likely be fully adopted and migrated into national infrastructure in all EMU countries. It will then be as secure and efficient as the domestic ones.