3 SEPA schemes for cross-border payments in euros - From April, banks apply individually. What services will be provided?
On November 21 of this year, Albania officially became part of the Single Euro Payments Market (SEPA). However, before citizens can start making cross-border payments in euros, commercial banks and other institutions that offer payment services must first apply individually to the SEPA schemes.
But how does the individual bank membership process work and what are the 3 SEPA schemes?
SEPA includes the Credit Transfer, Instant Credit Transfer and Direct Debit schemes. The credit transfer scheme facilitates the transfer of payments in euros between bank accounts in SEPA countries, usually within 1 day. Meanwhile, the instant credit transfer scheme enables transactions to be carried out in real time, so transfers in euros are made within a few seconds. As far as the direct debit scheme is concerned, the latter enables certain businesses or institutions to collect funds directly from customers' bank accounts, always with their prior approval. This usually refers to payments made regularly by the individual, such as payments for utility services, electricity, water, landline and mobile phone, subscriptions, insurance premiums and others.
To apply to the SEPA schemes, payment service institutions must meet certain preliminary criteria. Only after meeting the criteria set by the European Payments Council can a bank apply for membership. In the case of Albania, payment service institutions will apply in April 2025, about 6 months before the date of operational readiness. The moment at which a bank is ready to offer SEPA services is called the Operational Readiness Date (ORD), which means that on October 5 cross-border payments in euros will be able to be made with SEPA member countries, under the same conditions as them, in terms of cost, speed, ease.
The European Payments Council has announced that on October 5, 2025, the new rules for the operation of the schemes will enter into force, which will have to be implemented by Albanian payment service providers who seek to join these schemes.
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