SEPA Programme

TRANSFOND started the SEPA Program with the goal to implement a clearing system compliant with the SEPA requirements (established by the European Payments Council - EPC), by transforming the current infrastructure into a “Clearing and Settlement Mechanism”, able to process payments in domestic as well as euro currency - for Romanian banks.

The Program had two main stages:

• SEPA-RON (lei payments in SEPA format) – with the objective of implementing of a clearing system complying with SEPA requirements for payments in domestic currency and contained:
1. adopting message standards underlying the SCT (SEPA Credit Transfer) and SDD (SEPA Direct Debit) schemes for interbank payments in domestic currency
2. adopting the SEPA business rules
3. changing the SENT application in line with the relevant SEPA documentation
4. implementing an additional optional services of SEPA Debit Direct schemes – the centralized SDD Management service – Single Mandate Register (RUM)

The first stage of SEPA-RON project, completed on 2 November 2012, consisted in implementing a clearing system for lei payments, complying with SEPA requirements, by adopting message standards underlying the SCT (SEPA Credit Transfer).

The second stage of the project – consisted in implementing SEPA Direct Debit scheme for payments in euro. The project was completed on April 2016.

• SEPA-EUR (euro payments) – with the objective of implementing the technical feature for processing euro payments in SENT, with their settlement in TARGET2 (the RTGS system for euro payments, provided by the Eurosystem). 

The project was finished and SENT - EURO component went live in December 2013.