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