European Payment Council shares update on SEPA SRTP rulebook

Tuesday 2nd May, 2023

On 30 November 2020, the European Payment Council (EPC) published the first version of its Single Euro Payments Area (SEPA) Request-To-Pay scheme (SRTP) rulebook. The rulebook consists of a set of rules, practices and standards that makes it possible for any eligible SEPA RTP Service Provider to join, participate and operate in the scheme.

Today, the scheme is set to take off and already counts some registered participants, as well as new ones that are going to launch soon. The EPC shares its most significant achievements, latest updates and future goals.

Following a three-month public consultation, the EPC published the third version of the SRTP rulebook on 24 November 2022. It will become effective on 30 November 2023 and will include the main options requested by the market (e.g., redirect option, request for instalment payments, request for guarantee, request for payment initiation status).

As of 30 November 2023, the capability to use Application Programming Interfaces (API) for exchanges between SRTP scheme participants will also become mandatory. The EPC default API specifications were published in June 2022, and the API security framework in March 2023. Although, SRTP scheme participants can use also their APIs.

The next version of the scheme should only include maintenance changes.

The Clarification Paper on the SRTP rulebook version 3.0 should be published by the end of May 2023.