SEPA - the Single Euro Payments Area enables all the consumers, companies and public administration, irrespective of their location in Europe, to make and receive euro payments, both at national and cross-border and national level, under the same basic conditions, rights and obligations.

SEPA provides for uniformity of payment instruments - SEPA credit transfers, SEPA card payments and SEPA direct debit payments - throughout Europe determining that the national and cross-border euro payments are executed in an equally quick, safe and easy way.

The SEPA Working Group of the Payments Committee of the Association of Latvian Commercial Banks has drafted the 1st version of the document informing about the position of the Latvian banks regarding accession to the Single Euro Payments Area: "SEPA Implementation Plan in the Banking Sector of Latvia. Version 1.0" (pdf).

The above-mentioned document reflects the viewpoint of the banking community on the implementation of euro payments in Latvia in conformity with the SEPA requirements and standards. The plan characterises the current status and the activities that the banks and the payment infrastructure providers should undertake to be able to offer the euro payments to the customers of the Latvian banks in compliance with the SEPA standards.

Although the SEPA requirements cover the payments in euros, they apply not only to the euro area, but also to the other EU member states, including Latvia. Therefore the current version of the plan envisages that the banking industry of Latvia undertakes to offer euro payments complying with the SEPA requirements by the end of 2010 and to complete the SEPA project with the introduction of euro in Latvia.

By publication of "the SEPA implementation plan in the banking sector of Latvia", the Latvian banks support the SEPA project. According to its goals: Vast majority of the banks in Latvia undertake during the year 2008 to adhere to the SEPA Credit Transfer Scheme,   Vast majority of the banks in Latvia undertake to complete alignment of payment cards and the payment card settlement infrastructure with SEPA requirements before the end of 2010,   Vast majority of the banks in Latvia undertake by November 2009 to adhere to the SEPA Direct Debit Scheme,   Vast majority of the banks in Latvia undertake during the year 2008 to implement the SEPA standards in "bank-to-bank" domain,   Vast majority of the banks in Latvia undertake to provide the SEPA standards in "customer-to-bank" and "bank-to-customer" domains before the end of 2010,   The banks of Latvia support standardisation of the structured invoice in Europe and after development are planning gradual introduction them as a SEPA value-added service,   The banks of Latvia undertake to inform their customers of SEPA products and invite all the client groups - public administration, corporates, small- and medium-sized enterprises, merchants and consumers - to actively use SEPA products thus promoting implementation of SEPA in Latvia.

To date 19 banks have announced their accession to the SEPA credit transfer scheme and are prepared to receive and make such euro payments. There are 3 branches of foreign banks provide the SEPA credit transfer payments.

SEPA project participants:

Additional documents: