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