The French migration plan to SEPA

Transcription

Comité National SEPA
The French migration plan
to SEPA
Version 3 – 16 July 2012
The French migration plan to SEPA – Version 3 – 16 July 2012
CONTENTS
Introduction ...................................................................................... 3
I.
Migration to SEPA instruments : a regulatory requirement .......... 4
1. End-dates defined by Regulation (EU) No. 260/2012 ........................................................ 4
2. Scope of Regulation (UE) No. 260/2012 ........................................................................... 4
II.
France’s migration to SEPA ............................................................ 6
1. French payment instruments migrating to SEPA .............................................................. 6
2. The terms of France’s migration to SEPA ........................................................................ 7
3. Monitoring migration to SEPA .......................................................................................... 9
III.
Ancillary measures ........................................................................ 12
1. The SEPA communication plan ..................................................................................... 12
2. Possible activation of the national options under Regulation (UE) No. 260/2012 ........... 12
Appendices..................................................................................... 13
Appendix I : Organisation of the National SEPA Committee ........................................... 13
Appendix II : Provisional schedule of SEPA information sessions .................................. 15
2
Introduction
After the introduction of the cashless euro in 1999, followed by euro banknotes and coins in
2002, SEPA (Single Euro Payments Area) is the third stage of European monetary integration.
SEPA aims at creating an integrated, competitive and innovative market for all eurodenominated retail payments. Its purpose is to set up a unified area in which everyone will be
able to issue and receive payments in the same conditions, regardless of where they are
located.
To this end, the EPC (European Payments Council), which brings together the European
banking communities and the main European banks, has defined the functional and technical
characteristics of two new cashless means of payment, the SEPA Credit Transfer (SCT) and the
SEPA Direct Debit (SDD), and has drawn up an interoperability framework for card payments.
SCT and SDD have been available to French bank customers since 28 January 2008 and 1
November 2010 respectively.
Migrating to SEPA requires strong coordination between all relevant stakeholders. The French
migration is coordinated by the National SEPA Committee. Co-chaired by the Banque de France
and the French Banking Federation, this Committee is a forum for sharing analyses and drawing
up common positions. All relevant stakeholders are actively involved: national authorities, banks,
administrations using payment instruments, companies, retailers and consumers.
Given the slow uptake of the SCT and the SDD across Europe due to the implementation of a
self regulatory migration, a European regulation adopted on 14 March 2012 (No. 260/2012)
established an end-date for the migration to the SCT and the SDD, both for national and crossborder payments (1 February 2014). After that date, it will no longer be possible for payment
service users to make transfers and direct debits using national legacy formats.
This document is the third version of France’s migration plan to SEPA and replaces the second
version published in October 2007. It presents the new regulatory requirements, specifies the
terms of France’s migration to SEPA, presents the progress made in the migration and
describes the support measures implemented by the National SEPA Committee.
It shall be regularly updated to take account of new developments, including the determination
of an alternative to interbank payment orders (“TIP”) and electronic payment orders
(“Télérèglement”), the finalisation of the communication plan on SEPA and the possible
activation by the Treasury of the national options set out in Regulation (EU) No. 260/2012.
3
I- Migration to SEPA instruments: a regulatory requirement
1.
End-dates defined by Regulation (EU) No. 260/2012
The second version of the national migration plan, published on 11 October 2007, brought
forward the dates of end-2011 and end-2012 for completing the migration of credit transfers and
direct debits respectively. These dates were nevertheless contingent on the attainment of a
critical mass of use of SEPA payment instruments by end-2010 for SEPA credit transfers and
end-2011 for SEPA direct debits. However, the National SEPA Committee noted at its meeting
of 3 June 2010 that these critical masses, defined as 75% of transactions and 50% of payers,
would not be reached by the dates previously set.
Given the difficulties encountered in France but also in other European countries with the
implementation of a “voluntary” migration, a European regulation was adopted on 14 March
2012 establishing a final and mandatory end-date for the migration to the SCT and SDD.
Pursuant to European Regulation (EU) No. 260/2012 that came into force on 31 March 2012,
SEPA Credit Transfers and SEPA Direct Debits will replace their national equivalents at the
latest on 1 February 2014 for payment transactions carried out within the euro area whether
they be domestic or cross-border. After this date, it will no longer be possible for payment
service users to make transfers and/or direct debits in national format.
The regulation offers Member States the possibility of introducing a transitional period until
1 February 2016 for the migration of “niche” products belonging to the category of credit
transfers and/or direct debits with a cumulative market share, based on the official payment
statistics published annually by the ECB, of less than 10 % of the total number of credit transfer
or direct debit transactions respectively, in that Member State. In France, interbank payment
orders (“TIP”) and electronic payment orders (“Télérèglement”) fall under this measure.
Given that they are used only by certain national communities, cheques, promissory notes, bills
of exchange and electronic money are not covered by SEPA. Although card payments are also
excluded from the scope of Regulation (EU) No. 260/2012, they are being discussed at the
European level: on 11 January 2012 the European Commission published a Green Paper on
card, internet and mobile payments.
2.
Scope of Regulation (EU) No. 260/2012
Given that Regulation (EU) No. 260/2012 is directly applicable within the French geographical
areas that are part of the European Union (metropolitan France, Guadeloupe, Guyana,
Martinique, Réunion, Saint-Martin) and in Saint-Barthélemy, it seems important to consider the
measures that will have to be taken in order to ensure the continuity of financial relations with
the other French territories (Mayotte, Saint Pierre and Miquelon, New Caledonia, French
Polynesia and Wallis and Futuna) and with Monaco.1
1
The geographical scope of Regulation (EU) No. 260/2012 is distinct from the SEPA area which covers the following
French overseas territories: Guadeloupe, Martinique, French Guiana, Reunion, Mayotte, Saint-Pierre-and-Miquelon,
Saint-Barthélemy and Saint-Martin.
4
28 January 2008
Launch of SEPA
Credit Transfer
1 November 2010
Launch in France
of SEPA Direct
Debit
31 March 2012
Entry into force of
Regulation (EU)
No. 260/2012
1 February 2014
End of migration
to the SEPA
Credit Transfer
and SEPA Direct
Debit
1 February 2016
If activation of the
national option of
Regulation (EU)
No. 260/2012, end
of themigration of
niche products
Fig.1.1. Milestones in the migration to SEPA
5
II- France’s migration to SEPA
1.
French payment instruments migrating to SEPA
Credit transfers, direct debits, interbank payment orders (“TIP”) and electronic payment orders
(“Télérèglement”) must comply with SEPA standards. In volume terms, these four payment
instruments accounted for 37.5% of cashless transactions in France in 2010.
Since 2007, the date at which the second version of the national migration report was published,
the share of credit transfers and direct debits in cashless transactions has increased slightly. In
volume terms, the share of these two payment instruments rose from 16.9% and 17.8% of
cashless transactions in 2007 to 17.5% and 19.2% in 2010. Direct debits are the second most
used payment instruments after payment cards (43.35%) and before cheques (18.31%).
Conversely, interbank payment orders decreased over the period from 0.93% in 2007 to 0.67%
in 2010. Electronic payment orders, despite remaining stable, accounted for very small
transaction volumes: 0.067% in 2007 and 0.068% in 2010.
19,99%
20,00%
19,02%
18,82%
19,04%
17,52%
16,97%
16,91%
16,97%
15,00%
Credit transfer
Direct Debit
Interbank Payment Order
10,00%
Electronic Payment Order
5,00%
0,93%
0,07%
0,82%
0,08%
0,74%
0,09%
0,67%
0,11%
0,00%
2007
2008
2009
2010
Fig.2.1. Share in volume terms of credit transfers, direct debits, interbank payment orders
and electronic payment orders in French cashless payments
In value terms, credit transfers and direct debits represented 84% and 2.8% of cashless
payments in 2007, compared with 85.3% and 3.1% in 2010. Interbank payment orders
accounted for 0.2% of cashless payments in 2007 and 2010. Finally, the share of electronic
payment orders was 1.1% in 2007 and 1.3% in 2010.
6
90,0%
84,0%
85,3%
84,9%
83,2%
80,0%
70,0%
60,0%
50,0%
Credit transfer
Direct Debit
Interbank Payment Order
40,0%
Electronic Payment Order
30,0%
20,0%
10,0%
2,8%
3,1%
0,2% 1,1%
0,2%
1,3%
3,0%
0,2% 1,2%
3,1%
0,2%
1,3%
0,0%
2007
2008
2009
2010
Fig.2.2. Share in value terms of credit transfers, direct debits, interbank payment orders and electronic
payment orders in French cashless payments
2.
The terms of France’s migration to SEPA
a. Credit transfers
SEPA Credit Transfers offer similar features to credit transfers currently available in
France. They differ, however, on two main points:

while national credit transfers rely on the account identifier “RIB”, SCTs use both the
BIC (Business Identifier Code) and IBAN (International Bank Account Number);

SCTs carry more information in the credit transfer order. The maximum length of the
transaction’s remittance data is now 140 characters, compared to 31 characters in
the case of national credit transfers. Transmitted to the payee in its entirety and
without alteration, this remittance data facilitates accounting reconciliations.
Agreed upon remittance data (which may be structured) between payer and payee in the
case of credit transfers resulting from interbank payment orders (“TIP”) paid in cash,
commercial credit transfers (VCOM) and tax and duty transfers will continue to be
transmitted in SCT payment orders.
Similarly, an agreement has been reached with issuers of APL transfers (personal
housing benefits) to enable private banks to carry out their tasks.
7
Only credit transfers of foreign origin (VOE) will not be included in the SCT. This type of
transfer between banks where funds are either coming from or transferred to a foreign
correspondent is being migrated to large-value payment systems.
b. Direct debits
The SEPA Direct Debits differ quite markedly from national direct debits.

The main difference is the SDD’s mandate flow. Direct debits in France are currently
based on two mandates: the direct debit request which is the mandate given by the
debtor to the creditor and the direct debit authorisation which is the mandate given by
the debtor to his bank. Both documents are sent by the debtor to the creditor, who
transmits the direct debit authorisation to the debtor’s bank.
SDDs are based on a double mandate featured on a single document sent by the
debtor exclusively to the creditor. This document is kept by the creditor and is only
sent to the debtor’s bank upon request for verification purposes. As with national
direct debits, the creditor is under the obligation of informing the debtor of the amount
and date of the debit before sending the SDD collection to his bank. Where
applicable, the debtor may ask his bank to reimburse a debit already made or contest
a debit in the absence of a valid mandate.

As with the SCT, SDDs use BIC and IBAN as bank and account identifiers and the
remittance data field may total up to 140 characters. It is transmitted to the payee in
its entirety and without alteration.

Finally, SDD payment orders contain specific additional information that is not
present in national direct debit payment orders: most notably, the unique mandate
reference and the type of payment (one-off or recurrent).
In the future, the widespread use of SDDs should foster the development of new value
added services. The EPC has already defined the technical characteristics for
developing electronic mandate solutions. It has also designed the "SEPA e-Mandate,"
which is an optional service which each bank is free to implement or not. To date, no
bank offers this service within the SEPA area. Other electronic mandate solutions are
being developed.
c. Interbank payment orders (“TIP”) and electronic payment orders (“Télérèglement”)
As "niche" products, interbank payment orders and electronic payment orders are
required to comply with SEPA standards by 1 February 2014. Pursuant to Article 16 of
Regulation (EU) No. 260/2012, each Member State2 may decide to push back the
deadline to 1 February 2016. The National SEPA Committee, together with the CCSF
(Consultative Committee on the Financial Sector), reaffirmed at its plenary meeting on 10
June 2011 its commitment to maintaining interbank payment orders and electronic
payment orders and its preference for postponing the migration.
To this day, the analysis of the migration scenario to SEPA for interbank payment orders
and electronic payment orders intended for private individuals has not allowed to identify
an optimal alternative.
The replacement of the electronic payment orders for companies by the SEPA Businessto-Business Direct Debit (SDD B2B) is currently being examined. If this solution
2
In France, it is the Treasury that has this responsibility.
8
maintains the current level of service, including an interbank settlement period of 1 day,
its implementation will require adjustments. While certain entities are legally required to
pay by electronic payment orders, the SDD B2B scheme is optional: banks are free to
adhere to it or not. The reachability of all French banks to the SDD B2B is thus a
prerequisite for migrating electronic payment orders for companies to the SDD B2B.
The National SEPA Committee will continue to work on all these issues.
National payment instruments
Migration to SEPA
Credit transfer
SEPA Credit Transfer (SCT), 1 February 2014
Direct debit
SEPA Direct Debit (SDD), 1 February 2014
Card payment
SEPA Cards Framework (SCF)
Interbank payment order (“TIP”)
Migration by 1 February 2014 with a possibility of
postponing to 1 February 2016
Electronic payment order (“Télérèglement”)
Bill of exchange
out of scope
Promissory note
Cheque
out of scope
Electronic purse
out of scope
Fig.2.3. Summary of migration terms of French payment instruments to SEPA
3.
Monitoring migration to SEPA
The uptake on the demand side is closely monitored by the National SEPA Committee.
The Secretariat of the National SEPA Committee draws up a quarterly dashboard of France’s
migration. This document, recently redesigned for greater accuracy, presents monthly data of
volumes exchanged in the French retail payment system CORE and quarterly data on migration
to SEPA in Europe. It also includes the state of progress of public administrations’ migration.
The Committee is also looking at ways of defining quarterly indicators on the percentage of
SCTs and SDDs’ originators. Similarly, as decided at the National SEPA Committee meeting in
December 2011, the implementation of monthly statistics on rejects/returns (R-transactions) and
their main causes is currently underway.
This progress report is completed by the findings of the harmonized SEPA survey conducted on
a quarterly basis among a panel of members of the French Association of Corporate Treasurers
(AFTE), the French Association of Financial Companies (ASF), the General Confederation of
Small and Medium-sized Enterprises (CGPME) and the French Business Confederation
(MEDEF) that represents over 300 French companies from all industries. This survey assesses
the readiness of the private sphere and presents prospective data on the gradual
implementation of SCTs and SDDs. Launched in late 2011, it is an improvement from the
individual surveys that were conducted since 2008 by each professional association at varying
frequencies and using different questionnaires.
9
These tools provide detailed information on the increased use of the European payment
instruments in France.

The analysis of the results shows that France’s migration to the SCT is largely based on the
exemplary efforts made by the public sphere. The latter represents 70% of the transactions
for the first three months of 2012. Other economic players, mainly small and medium-sized
enterprises are as yet little aware of the SEPA deadlines. Of the 335 companies questioned
in the framework of the harmonized SEPA survey in the first quarter 2012, only 89 of them
had already issued a SCT.

France’s migration to the SDD has not yet started. Since its launch in November 2010, SDD
transactions account for less than 1% of direct debits carried out through the French retail
payment system CORE.
10
100,0%
180,00
90,0%
160,00
80,0%
140,00
70,0%
120,00
60,0%
100,00
50,0%
80,00
60,00
40,0%
26.6%
30,0%
20,0%
20,00
10,0%
0,00
0,0%
Jan-11
Feb-11
March-11
Apr-11
May-11
June-11
July-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
March-12
Apr-12
May-12
June-12
July-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
March-13
Apr-13
May-13
June-13
July-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
40,00
Number of transaction (in millions)
Percentage of transactions
Fig.2.4. Uptake of the SEPA Credit Transfer in France
180,000
100,000%
160,000
90,000%
80,000%
140,000
70,000%
120,000
60,000%
100,000
50,000%
80,000
40,000%
60,000
30,000%
40,000
20,000%
20,000
10,000%
0,000
Jan-11
Feb-11
March-11
Apr-11
May-11
June-11
July-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
March-12
Apr-12
May-12
June-12
July-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
March-13
Apr-13
May-13
June-13
July-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
0.076%
Number of transactions (in millions)
0,000%
Percentage of transactions
Fig. 2.5. Uptake of the SEPA Direct Debit in France
11
III- Ancillary measures
1. The SEPA communication plan
At its plenary meeting on 13 December 2011, the National SEPA Committee decided to
implement a SEPA communication plan focusing on specific regional initiatives targeted at
SMEs.
The objective of these expert-led information sessions on SEPA will be to both present the legal
obligations imposed on businesses and provide practical advice on how to comply with them.
They will be held throughout France in the second half of 2012, with the active participation of
the Banque de France, the French Banking Federation and professional associations (AFTE,
ASF, CGPME, MEDEF) and the support of chambers of commerce and the Order of Chartered
Accountants (“Ordre des experts comptables”).
The SEPA communication plan is scheduled to end with the organization of a high-level
symposium in Paris, to enable both national and European public authorities to express their
strong support of SEPA.
In order to ensure that the messages are consistent, these information sessions will rely on a
corpus of documentation specifically designed for this purpose. This documentation will notably
be downloadable from the official website of the National SEPA Committee, a dynamic and
enriched new version of which will be available starting July 2012.
2. Possible activation of the national options under Regulation No. 260/120
Regulation (EU) No. 260/2012 sets out four waivers enabling Member States to push back the
end-date of 1 February 2014 to 1 February 2016 for the following:




the provision by payment service providers (PSP) of conversion services of national BBAN
to IBAN to their clients that are consumers (Article 16.1);
the migration of "niche" products with a cumulative market share of less than 10% of the
total number of credit transfer and direct debit transactions in a given Member State (Article
16.3);
the use of message formats other than ISO 20022 XML for the initiation or reception by nonconsumer PSUs of individual payment orders that are bundled together for transmission
(Article 16.5);
the non-communication of the counterparty’s BIC for national payment transactions (Article
16.6).
The National SEPA Committee will organise a general debate on whether to activate these
national derogations and invite all parties involved to express their needs. The results of this
consultation will contribute to the work of the Treasury, which is the only competent authority for
deciding on the possible use of the derogations set out in Regulation (EU) No. 260/2012.
12
Appendices
Appendix I: Organisation of the National SEPA Committee
The National SEPA Committee is charged with preparing and implementing the national
migration plan. It is co-chaired by:


Denis Beau, Director General Operations, Banque de France
Jean Clamon, Chairman of the Steering Committee on Payment Instruments of the French
Banking Federation
The Committee’s secretariat is provided jointly by the Banque de France and the French
Banking Federation.
1. Organisation
The plenary session of the National SEPA Committee is the decision-making entity. It validates
on a consensual basis the guidelines set out by the four working groups charged with examining
how to implement the SEPA project in France. It meets twice a year.
The National SEPA Committee relies on the following working groups to carry out its tasks:

The working group on the range of payment instruments, tasked with determining which
French payment instruments will migrate to SEPA payment instruments and under what
terms..

The working group on the transitional period, tasked with the planning of the transitional
period during which both national and SEPA payment instruments will coexist.

The working group on communication is charged with organising the various national
communication initiatives on the SEPA project and ensuring that they are consistent with the
strategies adopted at the European level.

The Legal Support Group provides legal analyses to the National SEPA Committee.
13
Comité National SEPA
Banks, credit institutions and
equivalent

Banque de France

BPCE

BNP Paribas

Caisse des dépôts et
consignations
Card schemes and
payment infrastructures
Public administrations

GCB ("CB" bank card
consortium)

DGFiP (public finance
department)

5 members appointed by the
Conseil du commerce de France

STET (Technological
Systems for Exchange
and Processing)

DGME (government
modernisation department)

5 representatives of consumer
associations: ADEIC, AFOC,
CLCV, Indecosa CGT, UFC Que
Choisir

DGTPE (treasury and
economic policy
department)

Crédit Agricole

Crédit Mutuel - CIC

HSBC

La Banque Postale

Société Générale


IEDOM (French Overseas
Departments Note-Issuing
Bank)
DGDDI (customs and
indirect taxes department)

DSS (social security
department)
OCBF (Office for Banking and
Financial Coordination)

Ministry of Justice

Principality of Monaco –
budget and treasury
department


Chairman of the CFONB
(French Committee for
Banking Organisation and
Normalisation)

ASF (French Association of
Financial Companies)

Monaco’s banking
association
Customer representatives

DGCCRF (competition,
consumer protection and
fraud repression
department)

AFTE (French Association of
Corporate Treasurers)

CGPME (General Confederation
of Small and Medium-sized
Enterprises)

MEDEF (French Business
Confederation)
Representatives of public
bodies and qualified experts

A representative of the
Economic, Social and
Environmental Council

AMF (French Mayors’
Association)

Chairman of the CCSF
(Consultative Committee
on the Financial Sector)
14
Appendix II: Provisional schedule of SEPA information sessions
The table below shows the scheduled information sessions to be organized across France as
part of the communication plan implemented by the National SEPA Committee in the second
half of 2012. A final table will be published in the updated national migration plan in early 2013.
Region
Venue and organiser
Date
Pays de la Loire
Nantes, AFTE
14 June 2012
Languedoc-Roussillon
Nîmes, BDF
27 June 2012
Alsace
Strasbourg, AFTE
6 September 2012
Centre
Tours, BDF
18 September 2012
Provence-Alpes-Côte-D’azur
Nice, AFTE/BDF
20 September 2012
Monaco, AFTE/BDF
21 September 2012
Marseille, BDF
11 October 2012
Aquitaine
Bordeaux, FBF
2nd half 2012
Lorraine
Nancy, FBF
2nd half 2012
Midi-Pyrénées
Toulouse, AFTE
2nd half 2012
Nord-Pas-de-Calais
Lille, FBF
2nd half 2012
Pays de la Loire
Nantes, FBF
2nd half 2012
Picardie
Amiens, FBF
2nd half 2012
Rhône-Alpes
Grenoble, AFTE
2nd half 2012
Rhône-Alpes
Lyon, FBF
2nd half 2012
15
About the National SEPA Committee
Co-chaired by the Banque de France and the French
Banking Federation, the National SEPA Committee
coordinates the implementation of SEPA payment
instruments in France. It brings together representatives
of all stakeholders including banks, administrations,
companies, retailers and consumers.

The French migration plan to SEPA

Transcription

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