What does the SEPA IKP payment system enable?
On 4 March 2009 Bankart set up the SEPA Internal Credit Payments (SEPA IKP) payment system which enables the execution of credit payment orders between the participants in the system pursuant to the SEPA standard.
With the establishment of the new payment system, the banks and savings banks in Slovenia will be able to offer their clients a uniform standard of payment with SEPA credit payment orders, regardless of whether the recipient of the payment is in Slovenia or any other country of Euro region.
Thanks to this unification of payment standards within the SEPA system, the processing of payments between banks can be provided by any clearing company in Europe on competitive terms.With the establishment of this system, Bankart joined other European clearing companies which process SEPA credit payments according to this uniform standard.
With the establishment of the new payment system, the banks and savings banks in Slovenia will be able to offer their clients a uniform standard of payment with SEPA credit payment orders, regardless of whether the recipient of the payment is in Slovenia or any other country of Euro region.
Thanks to this unification of payment standards within the SEPA system, the processing of payments between banks can be provided by any clearing company in Europe on competitive terms.With the establishment of this system, Bankart joined other European clearing companies which process SEPA credit payments according to this uniform standard.
Banks selected Bankart in the tender
Based on the tender published by the Bank Association of Slovenia, banks and savings banks selected the company Bankart d.o.o. to process their payments.Bankart offered the most favourable terms and conditions and continuous high-speed processing also for small value payments (five times a day, i.e. every two hours, starting at 8.00 a.m.) which it has been offering to banks and savings banks and the users of payment services ever since1998, when the Bank of Slovenia established the giro clearing system as part of the payment systems reform in Slovenia.
On behalf of banks and savings banks, Bankart obtained the license of the Bank of Slovenia to form the SEPA IKP payment system and on its own behalf, as a clearing company, the license to provide the SEPA IKP payment system services
On behalf of banks and savings banks, participating in the SEPA IKP payment system, Bankart obtained the license of the Bank of Slovenia to form the payment system and on its own behalf, as a clearing company, the license to provide the SEPA IKP payment system management services.
The processing of payments will be gradually transferred from the Giro clearing system to the new system, which means that the segment of small-value payments (up to EUR 50,000) will be finally transferred from the central banking environment to the commercial environment.
Migration started on 4 March and on 9 March most of the payments were processed in the new, SEPA-compliant payment system.
The Bank of Slovenia shall determine the date on which the Giro clearing system will stop working on the basis of the experience with the operation of the SEPA IKP system and some further analyses.
The processing of payments will be gradually transferred from the Giro clearing system to the new system, which means that the segment of small-value payments (up to EUR 50,000) will be finally transferred from the central banking environment to the commercial environment.
Migration started on 4 March and on 9 March most of the payments were processed in the new, SEPA-compliant payment system.
The Bank of Slovenia shall determine the date on which the Giro clearing system will stop working on the basis of the experience with the operation of the SEPA IKP system and some further analyses.
Use of uniform standard
From now on, banks and savings banks participating in the SEPA IKP system will be able to offer their clients payments in compliance with the uniform standard of SEPA credit payments, currently used by more than 4,400 banks and savings banks in Europe, also for domestic payments.The use of this uniform standard considerably simplifies the execution of payment orders among banks and savings banks in different countries of Euro region and is possible due to connections that exist between the clearing companies in this area.Therefore, Bankart is also able to provide connection with the trans-European payment system STEP2-SCT, managed by EBA Clearing (through its complementary system SEPA external credit payments – SEPA EKP and the Bank of Slovenia), which provides availability (possibility to pay and receive payments) of transaction accounts kept by all 4,400+ participants in the SEPA credit payments system to all participants in Bankart’s system.
Notes:
What is credit payment?
Credit payment is a payment ordered by the payer who submits a payment order, which is debited to the balance on the transaction account or covered by deposited cash and credited to the recipient of payment.
What is SEPA?
SEPA or Single Euro Payments Area is the area in which residents, companies and other entities may pay and receive payments in euros on the territory of Europe, including domestic and cross-border transactions, under the same terms and conditions, with the same rights and obligations, regardless of their location within the area.In geographical terms, SEPA comprises the 27 EU Member States, Iceland, Liechtenstein, Norway and Switzerland.The basic elements of the SEPA system shall be three payment instruments:SEPA Credit Transfer (available as of 28 January 2008), SEPA Direct Debit (presumably available as of 1 November 2009) and SEPA Cards Framework (alignment with the SEPA framework has been underway since 1 January 2008).The SEPA establishment project is managed by the European Payments Council and supported by the European Commission and the Eurosystem.
More information on SEPA available at www.europeanpaymentscouncil.org and www.sepa.si
More information on SEPA available at www.europeanpaymentscouncil.org and www.sepa.si
Participants in the SEPA internal credit payments system
Participants in the SEPA internal credit payments system are:
Abanka Vipa d.d., Banka Celje d.d., Banka Koper d.d., Banka Slovenije, Banka Sparkasse d.d., Banka Volksbank d.d., BKS Bank AG, Delavska hranilnica d.d., Deželna banka Slovenije d.d., Factor banka d.d., Gorenjska banka d.d., Hranilnica Lon d.d., Hranilnica Vipava d.d., Hypo Alpe-Adria bank d.d., Nova kreditna banka Maribor d.d., Nova Ljubljanska banka d.d., Poštna banka Slovenije d.d., Probanka d.d., Raiffeisen banka d.d., SKB banka d.d., Unicredit banka Slovenija d.d., Bank Association.
Abanka Vipa d.d., Banka Celje d.d., Banka Koper d.d., Banka Slovenije, Banka Sparkasse d.d., Banka Volksbank d.d., BKS Bank AG, Delavska hranilnica d.d., Deželna banka Slovenije d.d., Factor banka d.d., Gorenjska banka d.d., Hranilnica Lon d.d., Hranilnica Vipava d.d., Hypo Alpe-Adria bank d.d., Nova kreditna banka Maribor d.d., Nova Ljubljanska banka d.d., Poštna banka Slovenije d.d., Probanka d.d., Raiffeisen banka d.d., SKB banka d.d., Unicredit banka Slovenija d.d., Bank Association.
Participants in the SEPA external credit payments system:
Participants in the SEPA external credit payments system are:
Abanka Vipa d.d., Banka Celje d.d., Banka Slovenije, Banka Sparkasse d.d., Banka Volksbank d.d., BKS Bank AG, Delavska hranilnica d.d., Deželna banka Slovenije d.d., Factor banka d.d., Gorenjska banka d.d., Hranilnica Lon d.d., Hranilnica Vipava d.d., Hypo Alpe-Adria bank d.d., Nova kreditna banka Maribor d.d., Nova Ljubljanska banka d.d., Poštna banka Slovenije d.d., Probanka d.d., Raiffeisen banka d.d.