Single Euro Payments Area (SEPA) is a project to harmonise the execution of retail payments in euro, ensuring that payments made in euro across the European countries are as rapid, secure and efficient as domestic payments.
SEPA enables consumers, businesses and other economic agents to execute both cross-border and domestic payments in euro on the same key terms and conditions and enjoy the same rights and obligations, regardless of their location. SEPA encompassed all EU Member States, Iceland, Liechtenstein, Monaco, Norway and Switzerland.
In October 2008, the coordination body of the SEPA Project in Latvia – the National SEPA Working Group (NSWG) was established. The representatives of public authorities, corporates, banks, payment system and payment technologies' suppliers were the members of NSWG. The key task of the NSWG was to prepare and ensure an updated National SEPA plan.
The end-date for migration to SEPA credit transfers and SEPA direct debit payments was set on 1 January 2015 for Latvia. The SEPA Project stakeholders have agreed that SEPA credit transfers may be implemented in Latvia earlier than stipulated by the regulatory provisions, with the changeover to the euro. All national credit transfers have been replaced with SEPA credit transfers on 1 January 2014 and migration to SEPA credit transfers is completed in Latvia.
Migration to SEPA direct debit payments in Latvia was completed by January 1st, 2015. Domestic direct debit payments were replaced with e-invoice combined with SEPA credit transfer.