SEPA

 

The Single Euro Payments Area (SEPA) is the area in which citizens, companies, public administrations and other economic actors will be able to make and receive payments in euro, within Europe, whether within or across national boundaries, under the same basic conditions, rights and obligations, regardless of their location inside the area.

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The aim of SEPA is to create a fully harmonised European payments area that provides common payment solutions (credit transfer, direct debit and debit cards) that permit the same level of convenience and safety as in the related national context.

After the change to the euro in 2002, the SEPA project represents the next major step towards tighter integration of European financial markets. In fact, so far, each Member State has developed its own payment system based on rules and solutions defined according to the specific requirements of each country. However, SEPA will contribute to gradually eliminating current differences, and current national instruments will be replaced by new, harmonised payment solutions; the new domestic market will no longer be Italy but the SEPA zone.
 
Through SEPA:
 
- citizens, companies and public administrations can make payments in euro (with non-cash instruments) as easily and as safely as in their own country;

- all payments become "domestic" and there is no differentiation between national and cross-border payments inside the SEPA zone;

- for clients, there is no longer any difference between the country or bank at which they hold their account inside the SEPA zone.

EAPS

EAPS is a “scheme of schemes” in which each member undertakes to accept the cards of other members according to the guidelines of the SEPA Card Framework, the requirements of EU Authorities and EMV standards.

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SECURITY (UCAMP)

The system is based on exchange of information that allows the banks to identify – through cross-checking, sharing and online consultation of the data in the database – any type of irregular (or fraudulent) behaviour.

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PRESIDIO SICUREZZA MONETICA

To combat the phenomena of card frauds, the Consortium has set up this specific entity.

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