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By Jean Diederich, Partner Payments Romuald Poos, Manager, Kurt Salmon
Jean Diederich, Partner at Kurt Salmon, Payments Single European market and
Romuald Poos, Manager at Kurt Salmon
The Single Euro Payments Area (SEPA) is moving to the next stage. After the introduction of the Euro in 2002 and the Payment Services Directive (PSD) in 2009, the European Institutions have defined 1 February 2014 as the deadline to discontinue national payment instruments, and finalise the implementation of the two major SEPA payment schemes in Europe: SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD).
SCT and SDD are based on the “4-corner model” principle that establishes specific relationships between the debtor and...
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