European Payments Council Adherence Agreement

To do this, the banking community came together to create the European Payment Council (CEP). The main objective of the EPC is to make SEPA a 76-member reality and, to do so, it has put in place a set of systems covering different payment instruments. Each scheme is covered by a set of rules defining the technical rules and trade standards that members must comply with in order to process euro payments in the EU/EEA. These rules and standards cover areas such as: members of the SEPA system must also complete a package of documents for the EPC, including a compliance agreement and legal advice. For each linked diagram, a set of documents must be completed. The Association of Banks in Bulgaria /ABB/ is an associate member of the European Payments Council /EPC/, which plays a leading role in the participation of payment service providers in SEPA systems. The ABB has a representative on the EPC`s Scheme Evolution and Maintenance working group and the Payment Systems Committee of the European Banking Federation/EBF/, where ABB is a full member. Many information on SEPA instruments, standards and infrastructure for payments and procedures for compliance with SEPA by banks is published on the websites of the ECB, EPC and EBF. In order to explain their participation in SEPA systems, banks should complete the loyalty package that can be downloaded from the EPC website. The loyalty package includes the compliance agreement, timetable and legal advice, as they should be sent by the banks in two original copies to the National Adherence Support Organization (NASO) to the ABB or directly to the CBE. The European Payments Council (ECC) is the coordinating and decision-making body of the European banking sector on payments. EPC develops, among others, the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) systems, which contribute to the integrated euro payments market.

SEPA`s political vision aims to create a euro payment space in which cross-border payments are as efficient as domestic payments within each country. Most European banks are members of these systems and are therefore able to offer their customers a high-yield and cheap payment service on a European scale. As an example of efficiency, the SEPA credit transfer system requires that funds be transferred to a recipient on a business day after receiving the payment instruction. In the case of the SEPA transfer system, the same payment must be allocated in 10 seconds (this scheme is subject to a ceiling of EUR 100,000). The creation of a single euro payment area (SEPA) aims to promote the integration of the European market by facilitating cross-border electronic payments in euros between SEPA countries, making them cheap and secure as existing national payments.

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