Development and migration
Current migration status
Since the introduction of SEPA credit transfers (SCT) in January 2008 and SEPA direct debits (SDD) in November 2009, the European Central Bank (ECB) has been compiling SEPA indicators to monitor the share of SEPA transactions in total payment transactions and, thereby, the migration toward the SEPA payment instruments.
For SEPA indicators for Austria, please refer to the download options below.
Milestones since 2002
2002 Establishment of the European Payments Council (EPC); the European banking sector announces its intention to create the Single Euro Payments Area (SEPA)
2007 Adoption of the Payment Services Directive (Directive 2007/64/EC on payment services in the internal market) to provide the legal basis for creating an EU-wide single market for payment services
2008 Introduction of SEPA credit transfers (SCT)
2009 Introduction of SEPA direct debits (SDD); adoption of the Federal Act on the Provision of Payment Services (Zahlungsdienstegesetz – ZaDiG) to implement the Payments Services Directive in Austria
2012 Adoption of Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro
2014 Adoption of Regulation (EU) No 248/2014 on the SEPA migration grace period until August 1, 2014
2016 Start of IBAN-only for cross-border SEPA payments and end of grace period for SEPA niche products.
2017 Introduction of SEPA Instant Credit Transfer
2018 Go-live of Eurosystem-Service TARGET Instant Payments Settlement (TIPS) in November