Updated on 28.02.2011.

The single euro payments area implies a single currency with a single set of payment instruments.

SEPA (single euro payments area) is an area including the EU countries, Iceland, Liechtenstein, Norway, Switzerland, Monaco and EU overseas territories in which consumers, companies and other economic actors will be able to make and receive also cashless euro payments, whether between or within national boundaries, under the same conditions, rights, and obligations, regardless of their location.

SEPA is a project for the customer payments market. The national central banks and EU institutions - the European Central Bank (ECB) and the European Commission - have a supportive role in the project. In November 2006, the ECB published information brochure "The Single Euro Payments Area (SEPA): an integrated retail payments market", which is available also in Latvian since 19 March 2007. In July 2009, the European Central Bank published an updated version of the information brochure "The Single Euro Payments Area (SEPA): an integrated retail payments market". The updated version contains the latest information about the SEPA project timeline.

On 18 December 2007, Oskars Sprudzins, Minister of Finance of the Republic of Latvia, in his reply to Charlie McCreevy, the European Commissioner for Internal Markets and Services, appointed the Money and Payment Systems Working Group (MPSWG) as the national SEPA Steering Committee under the Euro Project auspices. Taking into consideration the task of developing the national SEPA implementation plan and incorporating the SEPA project into the national euro implementation plan, on 28 October 2008 the MPSWG established the National SEPA Working Group.

In order to ensure the compliance of the electronic clearing system EKS of the Bank of Latvia with the SEPA requirements, the Board of the Bank of Latvia supported "The Concept on Electronic Clearing System elaboration into the SEPA compliant infrastructure" by its Resolution No. 901/2 of 19 February 2009. On 3 August 2009, the Bank of Latvia sent to the European Payments Council a disclosure letter of intent to make EKS a SEPA Credit Transfer Scheme compliant clearing and payment infrastructure. The self-assessment of the SEPA-compliance of the EKS of the Bank of Latvia, meeting the ECB Terms of Reference for the SEPA-compliance of infrastructures, has been enclosed. On 19 January the Bank of Latvia updated the self-assessment of EKS SEPA-compliance in accordance with performed changes in the system related to the introduction of SEPA requirements.

As of 9 November 2010 EKS euro is SEPA compliant system, which ensures its participants' capability to send and receive euro payments within the SEPA area.

By its Resolution No. 929/3 of 23 July 2009 the Board of the Bank of Latvia approved the Bank of Latvia SEPA Plan, which set an objective to describe the use of SEPA core products at the Bank of Latvia by offering SEPA credit transfers to its customers. Pursuant to the above Resolution and continuing support the SEPA project in Latvia and as a SEPA product user the Bank of Latvia sends and receives SEPA credit transfers and as a SEPA product provider to offer sending and receiving SEPA credit transfers as of 9 November 2010. On 28 February 2011 the Bank of Latvia updated the self-assessments of its operation as SEPA products' user and provider. The self-assessments ascertain the compliance of the Bank of Latvia with SEPA requirements. The Bank of Latvia has adhered to the European Payments Council SEPA credit transfer scheme, and by using EKS SEPA as of 9 November 2010 sends and receives SEPA credit transfers - therefore is SEPA compliant at "bank-to-bank" and "customer-to-bank" domain.

With the aim to provide neutral, publicly available, comprehensive information about the SEPA project progress, tasks, stakeholders' benefits and other information, which is topical for SEPA product implementation and developments, the National SEPA Working Group has developed the National SEPA Latvija website - SEPALatvija.lv. The National SEPA Latvija website was launched on 2 July 2009.

Important links

National SEPA Latvija website → SEPALatvija.lv

Association of Latvian Commercial Banks → SEPA

European Central bank → SEPA

European Commission → SEPA

European Payments council → SEPA project coordinator