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