SEPA - the Single Euro Payments Area enables all the consumers, companies and public administration, irrespective of their location in Europe, to make and receive euro payments, both at national and cross-border and national level, under the same basic conditions, rights and obligations.
SEPA provides for uniformity of payment instruments - SEPA credit transfers, SEPA card payments and SEPA direct debit payments - throughout Europe determining that the national and cross-border euro payments are executed in an equally quick, securely and easy way.
SEPA in Latvia
For the purpose of implementing the SEPA project, the Euro Project Steering Committee Money and Payment Systems Working Group established the National SEPA Working Group and it convened the first meeting on 14 November 2008.
Tasks of the National SEPA Working Group:
- To develop, within the framework of the Euro project, Latvia's National SEPA Plan incorporating the Communication plan.
- To complement Annex 1 "Action Plan for Introduction of the Single European Currency in Latvia" to Latvia's national Euro Changeover Plan with high level SEPA implementation measures, deadlines for their execution and designation of the officials.
- To submit Latvia's National SEPA Plan for approval at the Cabinet of Ministers of the Republic of Latvia within the framework of the Euro project.
- To coordinate the execution of Latvia's National SEPA Plan.
- To promote communication with the general public and increase its awareness about the SEPA project.
- To monitor the progress of the SEPA project and inform the Money and Payment Systems Working Group and – via it – the Euro Project Steering Committee about the milestones of Latvia's National SEPA Plan.
- To manage the national and international collaboration within the context of the SEPA project.
- Latvia's National SEPA Plan presents an overview of tasks to be performed by public authorities, corporates, small and medium-sized enterprises, merchants, consumers, banks, payment system and payment technology providers for implementing the SEPA project in Latvia. The Plan presents more comprehensive information about SEPA payments, SEPA infrastructures, SEPA legal framework and standards as well as SEPA communication plan. In the course of 2009, the National SEPA Working Group has developed Latvia's National SEPA Plan, 1.0 version.
- In the course of 2010 Latvia's National SEPA plan has been updated according to the changes in the SEPA project. On 14 December 2010, the MPSWG approved Latvia's National SEPA Plan, Version 2.0 and high level SEPA implementation measures to be incorporated into Annex 1 "Action Plan for Introduction of the Single European Currency in Latvia" to Latvia's National Euro Changeover Plan.
- The summary of Latvia's National SEPA Plan focuses on the following issues: support extended by all SEPA project stakeholders and their public commitments regarding the implementation of SEPA project in Latvia.
- Latvia's National SEPA Plan, Version 5.0.
SEPA project participants
European Payment Council, EPC
The European Central Bank
The Bank of Latvia
National SEPA Working Group
The Single Euro payments Area (SEPA): an Integrated Retail Payments market
SEPA Study carried out by Capgemini Consulting
More information http://www.sepalatvia.lv/