ABBL

“The Luxembourg SEPA Implementation and Migration plan“ details the Luxembourg banking community’s migration plan towards SEPA.

It is an updated version of the document initially released in July 2007.

The objective of the Single Euro Payments Area (SEPA) project is to provide EU residents with common cashless payment instruments that will enable them to make payments in Euros under the same conditions in any country of the European Union.

To achieve this ambitious goal, the banking community via the European Payments Council (EPC), has established rules for the future European payment instruments, which will replace most national payment instruments.

Each country was invited to prepare a "migration plan" describing how a given national community intends to implement European payment instruments.

After the successful launch of the SEPA Credit Transfer scheme by the banking community on 28 January 2008 and the transposition of the Payment Services Directive (PSD) into Luxemburg law on 1 November 2009, it became evident that the “The Luxembourg SEPA Implementation and Migration plan“ needed to be adapted. This has led to the publication of a revised version of the Luxembourg migration plan (Version 1.5), the most important updates being :

• To take into account pre-requisites from the transposition of the Payment Services Directive (value dating, execution time, fees, ...)
• To reflect the banking community’s commitment that a payer’s account will be gradually reachable via SEPA Direct debit (SDD) at the latest by 1 November 2010.
• To assure to the market a smooth transition from today’s Direct debit to SDD.