SINGLE EURO PAYMENTS AREA: FAQ – FREQUENTLY ASKED QUESTIONS
Frequently asked questions and their answers on the SEPA Credit Transfer Scheme for financial institutions in Switzerland and Liechtenstein.
I represent a foreign bank in Switzerland: How should I proceed with the registration of my bank for SEPA? You can register through the Swiss National Adherence Support Organisation (NASO), which is Swiss Interbank Clearing, or through your headquarters. If your bank wishes to register via Swiss Interbank Clearing, then the following forms on the website www.sepa.ch must be completed and returned to Swiss Interbank Clearing. - SEPA Credit Transfer Scheme Adherence Agreement - SEPA Credit Transfer Scheme Schedule (A2-Scheme) - SEPA Credit Transfer Scheme Legal Opinion
I represent a foreign bank in Switzerland and have registered my bank through our headquarters: Can I still use euroSIC? Of course.
What does participation in SEPA cost my financial institution? SEPA participation in and of itself costs nothing and no participation fees will be charged for the SEPA Credit Transfer Scheme. Nevertheless, the necessary adaptations to your banking applications can be expensive, since the SEPA credit transfer, among other things, requires the use of UNIFI 20022 standards on an XML basis in the area of interbanking.
Is my bank required to participate in SEPA at all? Participation in the SEPA Credit Transfer Scheme is voluntary. Each bank can decide whether they can derive benefits from it for their customers. However, the Swiss financial center, along with 30 other European financial centers, has decided to participate in SEPA, in anticipation of the regulation of the European payment area through EU guidelines. Every bank that participates in the SEPA Credit Transfer Scheme will contribute to the success of voluntary self-regulation, and in the medium-term, helps avoid the directives-driven regulation of all euro payment traffic.
If my bank participates in SEPA, will they then have to process all euro payments as SEPA credit transfers? All options remain open during the transition period through 2010; afterwards only certain non-SEPA-compatible payments will be possible, such as urgent payments, if no SEPA procedure for urgent payments is in place by then.
How can I connect my bank to SEPA? Swiss Interbank Clearing, the Swiss National Adherence Support Organisation (NASO) assigned by the EPC enables your bank to register for the SEPA Credit Transfer Scheme quickly and unbureaucratically.
Is it really necessary that I adequately inform my customers about SEPA? It is indeed necessary that you inform your customers. Customers who receive a SEPA credit transfer must also be informed.
Why does a SEPA credit transfer take longer than a customary euroSIC transaction? Three days are defined as the maximum credit transfer duration in the SEPA Credit Transfer Scheme. The SEPA scheme stipulates that the ordering party’s bank must transfer the funds to the payment beneficiary’s bank within two days of receipt of the payment order. A euroSIC payment between direct participants will also be processed in real-time within the SEPA scheme.
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