Stipulated among the framework is that:

• the card schemes are to enable market access to all interested parties at the same conditions;
• the card schemes must ensure the separation between license and brand management and the actual processing of transactions;
• chip technology based on the EMV standard (use of PIN and chip) will be used both for cards and terminals in order to prevent card misuse;
• multilateral interchange agreements will be established between the issuers and acquirers for the compensation of services.

Both the large international chard schemes, MasterCard and VISA, are entirely committed to developing and making available SEPA-compatible systems. MasterCard adapted the SEPA specifications in the previously existing Maestro system and will introduce Maestro licenses applicable for the single euro payments areas with the appropriate system rules. VISA has created a new debit system applicable through SEPA named V PAY.

SEPA card payments in Switzerland

Although the SEPA requirements apply only for euro transactions for the time being and Switzerland is presently only marginally affected, the Swiss financial centre is still impacted by developments in the SEPA. It is important for Switzerland to ensure the SEPA compatibility of its national payment system within the framework of the SEPA road map. With the switch to Maestro as a national debit system and the completed migration to EMV, the Swiss banks have laid excellent foundations.

Further information

SEPA Cards Framework

SEPA Cards Framework Standardisation Volume (undergoing approval)

FAQ on SEPA card payments