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The Change-over to SEPA Michiel van Doeveren Sixth Macedonian Financial Sector Conference on Payments The Change-over to SEPA Michiel van Doeveren Sixth Macedonian Financial Sector Conference on Payments and Securities Settlement Systems Ohrid, 1 -3 July 2013

Agenda • • Background of Single Euro Payments Area (SEPA) SEPA products SEPA Migration Agenda • • Background of Single Euro Payments Area (SEPA) SEPA products SEPA Migration National Forum on SEPA migration SEPA communication • Concluding remarks

What is SEPA? One single market for retail payments in euro in 33 countries What is SEPA? One single market for retail payments in euro in 33 countries 3

Why SEPA? • Logic completion Internal Market • To enforce European economy • Mandatory Why SEPA? • Logic completion Internal Market • To enforce European economy • Mandatory by European Regulation • End date: 1 st February 2014 4

SEPA, what is it? • Political vision: One internal “domestic” market for euro retail SEPA, what is it? • Political vision: One internal “domestic” market for euro retail payments, generating economies of scale and promoting competition • Aim: Consumers and businesses will be able to make and receive payments in euro within Europe under the same basic conditions, rights and obligations, regardless of their location • Concretely: European payment instruments for both cross-border and domestic payments in euro: credit transfers, direct debit and cards. This also means the end of all domestic payment instruments.

SEPA: before… • The euro is the common currency of 17 countries today • SEPA: before… • The euro is the common currency of 17 countries today • But retail payments are still organised nationally € € € € €

… and after • A uniform Euro Payments Market • With common standards for … and after • A uniform Euro Payments Market • With common standards for bank account numbers, € € credit transfers, € € € direct debits, € € and more… € € € € €

SEPA, how? • Self-regulation by European banks in European Payments Council: Ø Common rules SEPA, how? • Self-regulation by European banks in European Payments Council: Ø Common rules and standards for euro payments in Europe • Legal harmonisation of all European legislation: Ø Payment Services Directive for euro and non-euro payments Ø End date(s) for national payment instruments

What specifically will change? • Account number becomes International Bank Account Numbers (IBAN) • What specifically will change? • Account number becomes International Bank Account Numbers (IBAN) • SCT becomes standard for credit transfers • SDD becomes standard for direct debits • XML becomes technical standard (ISO 20022) Clear but with a major impact

Pros and cons Internal (euro) market for retail payments In the long run • Pros and cons Internal (euro) market for retail payments In the long run • • More choice processors and providers payment services Scale effects in processing Increased competition and innovation Decreasing costs of payments In the short run • • • More efficient cross border paying and collecting Cross border collecting by direct debit Centralisation of accounts But. . . . • • Nothing ventured, nothing gained Cross border euro payments < 2% of total payments Migration mainly domestic process Difference in current levels of efficiency 10

ECB: SCT indicator Q 1 2013 ECB: SCT indicator Q 1 2013

National SCT indicators 12 National SCT indicators 12

National SDD indicators There is no breakthrough in a majority of countries 13 National SDD indicators There is no breakthrough in a majority of countries 13

Traffic lights: SCT ‘’Traffic Lights’’ SCT AT BE CY DE EE ES FI FR Traffic lights: SCT ‘’Traffic Lights’’ SCT AT BE CY DE EE ES FI FR GR IE IT LU MT NL PT SI SK Banks Big billers PA SMEs SEPA migration has been successfully completed by all representatives SEPA migration is in progress SEPA migration has not started yet 14

Traffic lights: SDD ‘’Traffic Lights’’ SDD AT BE CY DE Banks Big billers PA Traffic lights: SDD ‘’Traffic Lights’’ SDD AT BE CY DE Banks Big billers PA N. A. SMEs EE ES FI FR GR IE IT LU MT NL PT SI SK N. A. SEPA migration has been successfully completed by all representatives SEPA migration is in progress SEPA migration has not started yet 15

Status SEPA Migration Belgium Banks Big billers PA SMEs 16 Status SEPA Migration Belgium Banks Big billers PA SMEs 16

Germany Banks Big billers PA SMEs Status SEPA Migration Germany Banks Big billers PA Germany Banks Big billers PA SMEs Status SEPA Migration Germany Banks Big billers PA SMEs 17

Spain Banks Big billers PA SMEs Status SEPA Migration Spain Banks Big billers PA Spain Banks Big billers PA SMEs Status SEPA Migration Spain Banks Big billers PA SMEs 18

The Netherlands SEPA Migration The Netherlands Status Banks Big billers PA SMEs 19 The Netherlands SEPA Migration The Netherlands Status Banks Big billers PA SMEs 19

IBAN • IBAN : International Bank Account Number • Administrator of national IBAN registers IBAN • IBAN : International Bank Account Number • Administrator of national IBAN registers (ISO): SWIFT Country code (ISO) Check digit Bank identifier Domestic account number • Notes: - The bank identifier is country-specific - The length of the bank identifier differs from country to country - Each country has its own Basic Bank Account Number system - The Netherlands has an 18 -digit IBAN

SEPA Credit Transfer • EPC Interbank standard for credit transfers in euro 2008 • SEPA Credit Transfer • EPC Interbank standard for credit transfers in euro 2008 • Main characteristics: • Payments are made for full original amount • IBAN and BIC • ISO 20022 UNIFI standards • 140 characters of remittance information are delivered to beneficiary • Unstructured or restructured remittance information as agreed between partners • End dates: • 1 February 2014 (31 October 2016 for non-euro countries)

SEPA Direct Debit • EPC Interbank standard for direct debits in euro - introduced SEPA Direct Debit • EPC Interbank standard for direct debits in euro - introduced in 2009 • Main characteristics: • Payments are made for full original amount • IBAN and BIC • ISO 20022 UNIFI standards • One-off or recurrent • A mandate is signed by debtor (option: e-mandate) • Pre-notification (14 calendar days in advance) • Refunds (PSD: 56 days) and returns • End dates: • 1 February 2014 (31 -10 -2016 for non-euro countries) • No domestic MIF after 1 February 2017

Information flows and choice of channel • • Clearing & Settlement Report • Report Information flows and choice of channel • • Clearing & Settlement Report • Report Payment instruction • Basis: business-to-consumer relationship with business as initiator Business delivers payment instructions to bank and receives reports back Customer’s choice of channel driven by various considerations: • • • Timing: carefully determine when instructions are executed and fast account reporting; Functionality: payment products and formats (from back office) as desired; Completeness: correct reference information in instructions (end-to-end) and reports (for automated reconciliation); Secure: payment files cannot be manipulated.

Channels • Banks offer their customers various channels for exchanging payment instructions and account Channels • Banks offer their customers various channels for exchanging payment instructions and account information • Choice of channel depends in part on type of customer (retail, wholesale), products used and volumes • Main channels 1. Paper 2. Internet banking 3. Client application 4. Bulk channel

Report Clearing & Settlement Report Payment instruction 1. Paper Features • Forms (based on Report Clearing & Settlement Report Payment instruction 1. Paper Features • Forms (based on BBAN) for initiation • Account statements for reporting • Only for very low volumes • High cost per transaction • Generation and processing by customer not computerised Impact of SEPA • Adjust forms to IBAN • Report must include mandatory information (rule books), including IBAN, reference, (original) initiator Examples • Supported by most banks, used by customers with little computerisation or nonstandard instructions (e. g. urgent payments)

2. Internet banking Report Payment instruction Clearing & Settlement Features • Automation by banks 2. Internet banking Report Payment instruction Clearing & Settlement Features • Automation by banks • Manual input of payments or upload • Reporting on screen or downloaded • Limited volumes (100 -1, 000 tx/day) • Limited integration possible with back office systems Impact of SEPA • Adjust screens (IBAN) and upload and download format (to XML) • Bank decides migration date • Bank can offer central migration support services Examples • Almost all banks have extensive websites

File formats will change under SEPA • Current situation: national formats for payment instructions File formats will change under SEPA • Current situation: national formats for payment instructions and reporting • Additional information in SEPA messages, does not fit current formats: • IBAN (SCT, SDD) • Creditor scheme identifier (SDD) • Mandate information (SDD) • Therefore, change to ISO 20022 XML for SEPA products: • Payment instructions: mandatory via PAIN messages • Reporting: CAMT messages (not mandatory) • Banks’ own reporting formats permitted provided they meet SEPA requirements

SEPA for Cards • EPC Cards Framework • Ideal situation: ‘Any card at any SEPA for Cards • EPC Cards Framework • Ideal situation: ‘Any card at any terminal’ • Schemes which are accepted throughout Europe • Open non-discriminatory card scheme membership • Uniform pan European processing for all schemes and processors • Options for SEPA Compliancy • Make national schemes SCF-compliant • Replace national by international schemes • Co-branding • Initiatives for additional European Card Scheme • Safety • EMV-implementation: Chip and PIN code

SEPA for cards: policy issues (Green Paper) • • • Multilateral interchange fees (see SEPA for cards: policy issues (Green Paper) • • • Multilateral interchange fees (see following slides) Transparency on fees Co-branding Central licensing, issuing or acquiring European POS-terminal Honour all cards rule Blending Chip-only cards Mobile payments Access to Bank Accounts (Dual Consent-approach)

How do Dutch consumers pay when abroad? How do Dutch consumers pay when abroad?

How do Dutch consumers make cross-border payments? How do Dutch consumers make cross-border payments?

Cross-border payments by Dutch consumers: trends and attitudes • Differences in the use of Cross-border payments by Dutch consumers: trends and attitudes • Differences in the use of debit cards at home or abroad have declined • Growing satisfaction with debit card use abroad • Debit cards are seen as safer and easier to use than cash • Acceptance levels do leave some room for further improvement • For cross-border payments, online banking is seen as the safest option • For ease of use, credit cards score highest • Pay. Pal is considered the cheapest and fastest means of payment • Satisfaction with the costs of cross-border payment through online banking has increased in recent years

Organisation of the NFS National Forum on SEPA Migration (NFS) High-level consultations Task Force Organisation of the NFS National Forum on SEPA Migration (NFS) High-level consultations Task Force SEPA Netherlands Programme Agency Umbrella organisations Providers Users Software suppliers Supporting parties Individual parties Stakeholders represented in national migration via umbrella organisations Programme linked to migration activities of umbrella organisations

National Forum on SEPA-migration (NFS) • All stakeholders involved • Information-exchange and binding appointments National Forum on SEPA-migration (NFS) • All stakeholders involved • Information-exchange and binding appointments • Activities with respect of • planning migration • communication • monitoring • Signaling and solving of social migration problems • Three levels: Board, Technical and a Programme Office

Activities NFS 2011 -2014 • • Impact analysis SEPA Regulation (2011) New National SEPA Activities NFS 2011 -2014 • • Impact analysis SEPA Regulation (2011) New National SEPA Migration Plan (2011) Establishment of NFS (2011) Projects and activities (2012 -2014) • Central communication campaign • Stimulating the development of SEPA-proof software • National governance • Exchange of experiences • Identifying and resolving migration issues and risks • Monitoring SEPA change-over

National Migration Plan Infrastructure ready for mass migration Specifications for basic product range for National Migration Plan Infrastructure ready for mass migration Specifications for basic product range for business users SCT 2012 Banks 1 February: end date for migration to SCT and SDD 1 -10 SDD meets Regulation’s consumer protection requirements SDD 2013 1 -7 2014 Adjust infrastructure to European payment instrument requirements Software suppliers Adjust applications Support user migration Wholesale SCT users Early movers Small-business SCT users Early movers Consumers Increasing use of IBAN Communication by umbrella organisations, intermediaries, banks Mass migration Public information campaign Mass migration Possible use of niche products beyond end date Support user migration

SEPA – General remarks • Full migration per 1 -2 -2014 remains the common SEPA – General remarks • Full migration per 1 -2 -2014 remains the common goal • The Netherlands will not make use of waiver possibilities • Banks and software companies under pressure to be ready in time, preparations are in order; ultimately end of Q 2 2013 the basic payments infrastructure will be ready for full mass migration. • Major concern is congestion close to the end-date. 37 dd Mmmm yyyy

Aim of the SEPA Migration Monitor Insight into the status of SEPA migration of Aim of the SEPA Migration Monitor Insight into the status of SEPA migration of corporates, public authorities and software suppliers 1. Awareness of the meaning and implications of SEPA 2. Stage of preparations 3. Actual use of SEPA payment instruments 4. Development of software packages

SEPA-preparations SCT 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% MKB SEPA-preparations SCT 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% MKB Middelgrootbedrijf Grootbedrijf Nog niet begonnen Uitzoeken/impactanalyse Testen/implementatie Volledig over Gemeenten en waterschappen Publieke instellingen Requirements/uitvoering

SEPA Communication campaign • To improve knowledge on IBAN and products • Three stage SEPA Communication campaign • To improve knowledge on IBAN and products • Three stage rocket: - General public campaign - Umbrella organisations with members - Enterprises & organisations with clients • Timing: milestones 40

SEPA communication Public information campaign: Iedereen krijgt een langer rekeningnummer. Uw bedrijf dus ook. SEPA communication Public information campaign: Iedereen krijgt een langer rekeningnummer. Uw bedrijf dus ook. Houd er rekening mee. Everyone will have a longer account number. Including your business. Take it into account.

Campaign website Campaign website

Toolkit • Banner • Factsheet/flyer • Animation(s) • Campaign logos • SEPA checklist for Toolkit • Banner • Factsheet/flyer • Animation(s) • Campaign logos • SEPA checklist for firms • Source texts • Set of Q & A • Helpdesk • Radio and TV commercials • Template impact analyse

Information More information via www. sepanl. nl & www. sepanl. nl Information More information via www. sepanl. nl & www. sepanl. nl

Concluding Remarks The SEPA-migration is under way. The success of SEPA depends on • Concluding Remarks The SEPA-migration is under way. The success of SEPA depends on • Timely implementation of the National Migration Plans with respect to the end date for national payment instruments (SEPA-Regulation) • Well organised stakeholder involvement and consultation • SEPA for Cards means ‘Any card at any terminal’ this requires time • Further European standardisation, which is not easy • What is coming after 1 February 2014?

Discussion points • What are the advantages of SEPA for different market parties? • Discussion points • What are the advantages of SEPA for different market parties? • What are possible barriers for the migration to SEPA for market parties? • How could SEPA governance be organised on an European and national level? • What could be the next wave of SEPA products after 1 February 2014? • How could countries outside Europe profit from SEPA?