The European Payments Council (EPC) has published a report containing the evaluation criteria that it will use to determine whether a community of banks or financial institutions from a non-EEA country or territory that is not yet within the geographical scope of the Single Euro Payments Area (SEPA) schemes, could be considered eligible to participate in the SEPA schemes. Participation of non-EU and non-EEA countries would be considered on a case by case basis provided that certain criteria to ensure a level playing field with other SEPA participants, are met.
The report highlights some of the additional participation criteria which are:
- the applicant should demonstrate that the country or territory from which it operates has strong economic links and a strong legal relationship with the EU;
- other legal and regulatory criteria;
- market and operational criteria; and
- additional criteria to preserve the integrity of the SEPA schemes.
View Criteria for participation in the SEPA Schemes for communities of banks or financial institutions outside the European Economic Area, 1 April 2014