European Payment Council

What European Payment Council does

The European Payments Council (EPC) is an international not-for-profit association (AISBL) under Belgian law, founded in 2002 by the European banking industry at the request of EU institutions to harmonise electronic euro payments across the Single Euro Payments Area (SEPA). Headquartered in Brussels with a ~20-person Secretariat, it manages the rules, technical standards, and implementation guidelines for seven payment schemes covering 41 countries and territories: five core schemes — SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst), SEPA Direct Debit Core (SDD Core), SEPA Direct Debit B2B (SDD B2B), and One-Leg Out Instant Credit Transfer (OCT Inst) — and three complementary schemes — Verification Of Payee (VOP), SEPA Request-to-Pay (SRTP), and SEPA Payment Account Access (SPAA). Over 50 billion payment transactions per year flow through EPC schemes, touching 529+ million citizens.

Underlying technology is anchored in global open standards: ISO 20022 XML messaging for all scheme data formats, IBAN (ISO 13616) for account identification, and BIC (ISO 9362) for institution identification. The EPC operates the EPC Directory Service (EDS), a centralized API-based platform storing participant identification, routing, and interoperability data for all API-based schemes, supporting both GUI and automated API access. Supporting infrastructure includes the EPC Malware Information Sharing Platform (MISP) for SEPA-wide fraud information sharing (managed by the FRIDA Task Force) and the API Reference Toolbox (ART) launched in 2026 for VOP homologation testing. The EPC oversees a qualified ecosystem of Clearing and Settlement Mechanisms (EBA Clearing, Iberpay, SWIFT, Nexi, EquensWorldline, SIBS, and multiple national central banks) and ~64 Routing and Verification Mechanism (RVM) providers.

The EPC's business model is structured as a member-funded industry association. Revenue comes from two recurring streams: (1) annual membership fees from its 83 member PSPs and banking associations (including BBVA, BNP Paribas, Deutsche Bank, HSBC, ING, PayPal, Revolut, Stripe, Wise, Adyen, Citi, J.P. Morgan, Santander, UBS, and UniCredit), and (2) annual scheme participation fees paid by the 2,300–3,500 PSPs adhering to each scheme (e.g., SPAA participation fee is publicly set at EUR 329/year with waivers). Participation in SCT and SDD Core is mandatory under the SEPA Regulation for EEA-based PSPs offering euro credit transfer or direct debit, and SCT Inst adherence is mandatory under the Instant Payments Regulation (EU 2024/886). Rulebooks are updated on a transparent two-year change-management cycle with public consultations.

Name

European Payment Council

Legal name

European Payments Council AISBL

Website

https://europeanpaymentscouncil.eu

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

The European Payments Council is a Brussels-based international not-for-profit association that manages seven SEPA payment schemes (SCT, SCT Inst, SDD Core, SDD B2B, OCT Inst, VOP, SRTP, SPAA) governing over 50 billion annual transactions across 41 countries, serving 83 member PSPs and thousands of adhering payment service providers.

Ownership category

akta.pro rank

Product category

Payment Scheme Management

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro primary industry

Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB)

akta.pro secondary industries

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Biller Direct EBPP Platforms (FSAMAJAA)

Keywords

• SEPA payment schemes
• Payment scheme management
• Instant credit transfers
• Cross-border payments
• Payment standardization

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Membership Fees: The EPC is a not-for-profit association (AISBL) funded primarily through membership fees from its 83 members (PSPs and associations of PSPs). Membership enables PSPs to contribute to shaping the future of payments in Europe, build positions on pressing payment topics, and network within the payment sector.
2. Payment Scheme Participation Fees: PSPs wishing to formally adhere to and use the EPC payment schemes must pay an annual payment scheme participation fee. Adherence to EPC payment schemes does not require EPC membership, meaning scheme participation fees are a separate revenue stream from member fees.
3. SEPA Payment Account Access (SPAA) Scheme Participation Fee: The SPAA scheme has a participation fee of EUR 329, which is waived for Module 3 and SPAA Scheme Interest Group participants. This represents a minor revenue stream for specific scheme participation.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

The European Payments Council (EPC) manages and develops harmonized SEPA payment scheme rulebooks and standards that enable interoperable electronic euro payments across 41 European countries. It oversees five core payment schemes (SCT, SCT Inst, SDD Core, SDD B2B, OCT Inst) and three payment-related schemes (VOP, SRTP, SPAA), facilitating over 50 billion transactions annually. The EPC also provides supporting technology platforms including the EPC Directory Service (EDS), the Malware Information Sharing Platform (MISP), and the API Reference Toolbox (ART).

Product overview

The European Payments Council (EPC) operates as a scheme manager overseeing five core SEPA payment schemes and three payment-related schemes that facilitate harmonized electronic euro payments across 41 European countries, processing over 50 billion transactions annually. The core schemes include SEPA Credit Transfer (SCT) for standard euro transfers, SEPA Instant Credit Transfer (SCT Inst) for real-time payments under 10 seconds, SEPA Direct Debit Core (SDD Core) and B2B for bill collection, and One-Leg Out Instant Credit Transfer (OCT Inst) for cross-border international transfers. Supporting these are the Verification Of Payee (VOP) scheme for payment security, SEPA Request-to-Pay (SRTP) for payment request messaging, and SEPA Payment Account Access (SPAA) for open banking services. The EPC also provides the Directory Service (EDS) for scheme participant reachability and APIs, the MISP fraud information sharing platform, and mobile payment harmonization initiatives.

Differentiator

Problem solved

Functional benefit

Brands

• SEPA Credit Transfer (SCT): EPC payment scheme enabling euro credit transfers across SEPA countries
• SEPA Instant Credit Transfer (SCT Inst)
• SEPA Direct Debit (SDD)
• One-Leg Out Instant Credit Transfer (OCT Inst)
• Verification Of Payee (VOP)
• SEPA Request-to-Pay (SRTP)
• SEPA Payment Account Access (SPAA)

Products and services

• SEPA Credit Transfer (SCT) The SEPA Credit Transfer scheme enables individuals and businesses to make euro credit transfers across 41 European countries. It supports one-off or recurring payments and single or bulk payments with over 29 billion transactions annually. Mandatory for PSPs offering euro credit transfer services in the EEA.
• SEPA Instant Credit Transfer (SCT Inst) The SEPA Instant Credit Transfer scheme enables real-time euro transfers with funds available in less than ten seconds, operating 24/7/365 across SEPA. The first pan-European instant payment scheme with 2,823 PSP participants.
• SEPA Direct Debit Core (SDD Core) The SEPA Direct Debit Core scheme enables billers to debit payer accounts with prior consent, mandatory for PSPs offering euro direct debit for consumers. Supports over 21 billion transactions annually with no-questions-asked refund within eight weeks.
• SEPA Direct Debit Business-to-Business (SDD B2B) The SDD B2B scheme enables business-to-business direct debit collections with payer verification requirements. Payer is not entitled to refund for authorized transactions after three business days. Optional scheme exclusively for businesses.
• One-Leg Out Instant Credit Transfer (OCT Inst) The OCT Inst scheme enables international instant credit transfers between SEPA countries and non-SEPA countries, covering the Euro Leg of cross-border transactions with maximum amount of 100,000 EUR per transaction. Uses existing SEPA payment rails and ISO 20022 XML messaging.
• Verification Of Payee (VOP) The VOP scheme enables payment service providers to verify payee account details (IBAN and name) before completing credit transfers, enhancing payment security and reducing misdirected payment fraud. Supported by Routing and/or Verification Mechanisms (RVMs) and the EPC Directory Service. VOP reached close to 1 billion requests.
• SEPA Request-to-Pay (SRTP) The SRTP scheme provides messaging rules enabling payees to request payment initiation from payers across various physical and online use cases, complementing the payment flow between commercial transactions and payments. Version 4.0 rulebook in effect.
• SEPA Payment Account Access (SPAA) The SPAA scheme enables exchange of payment account data and facilitates payment initiation for value-added services, supporting open banking beyond PSD2 requirements across Europe. SPAA participation fee is EUR 329 per year.
• EPC Directory Service (EDS) Centralized directory service facilitating API-based reachability and interoperability across all EPC scheme participants. Supports both GUI and API access, with automated download and local caching capabilities. Stores scheme participants' identification, routing, and interoperability data for all API-based EPC schemes.
• EPC Malware Information Sharing Platform (MISP) SEPA-wide platform for fraud information sharing between payment service providers, managed by the FRIDA Task Force to support payment fraud prevention across SEPA.
• API Reference Toolbox (ART) Testing platform supporting VOP scheme participants with API testing scenarios for VOP implementation rollout. Provides homologation testing for scheme compliance against EPC API Reference Toolbox test platform.

Quantifiable outcome

• Over 50 billion transactions facilitated per year across EPC payment schemes
• +3 more outcomes

Named customers3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature8 records

Partnerships

14 partnerships are on record, tiered core and minor.

• BBVAcoreTechnology or Integration · 21 July 2026BBVA became the first Spanish bank to participate in SWIFT's global retail payments scheme and also participates in the European Payments Council's OCT Inst scheme. BBVA processes payments through BBVA Directa, built on Iberpay's instant payments infrastructure, and plans to progressively expand supported corridors.
• PayPalcoreStrategic or Co-development Partner · 2 July 2026PayPal officially joined the European Payments Council in early July 2026. As a regulated European bank serving over 430 million active accounts worldwide, PayPal aims to contribute its expertise to the evolution of European payment infrastructure, shaping discussions on interoperability, instant payments, fraud prevention, and consumer payment experiences.
• DevengocoreStrategic or Co-development PartnerDevengo joined the EPC as an API-first, regulated payment institution advancing instant account-to-account (A2A) payments across Europe. Devengo's founders shared insights on how their API-first approach combined with real-time infrastructure is advancing instant payments and evolving regulations across Europe.
• EBA ClearingcoreTechnology or IntegrationEBA Clearing is a Clearing and Settlement Mechanism (CSM) organization compliant with EPC payment schemes including SCT, SDD Core, SDD B2B, SCT Inst, and OCT Inst. EBA Clearing is overseen by the European Central Bank and provides infrastructure for clearing and settlement of EPC scheme transactions across SEPA.
• IberpaycoreTechnology or IntegrationIberpay is a Clearing and Settlement Mechanism (CSM) organization compliant with EPC payment schemes including SCT, SDD Core, SDD B2B, and SCT Inst. It is overseen by Banco de España and provides Spanish payment infrastructure for SEPA transactions. BBVA uses Iberpay's instant payments infrastructure for processing.
• SWIFT (S.W.I.F.T. SCRL)coreTechnology or IntegrationSWIFT provides messaging services compliant with all five EPC payment schemes (SCT, SDD Core, SDD B2B, SCT Inst). As the global messaging infrastructure for financial transactions, SWIFT enables the transmission of payment messages under EPC schemes and is overseen by central banks of the G-10 countries.
• Nexi Payments SpAcoreTechnology or IntegrationNexi Payments SpA provides messaging services compliant with EPC payment schemes (SCT, SDD Core, SDD B2B, SCT Inst). As a European payments technology company, Nexi operates as a CSM messaging service provider under EPC schemes, overseen by the Bank of Italy.
• EquensWorldlinecoreTechnology or IntegrationEquensWorldline is a Clearing and Settlement Mechanism (CSM) organization compliant with EPC payment schemes including SCT, SDD Core, SDD B2B, and SCT Inst. It is overseen by De Nederlandsche Bank and provides pan-European payment processing infrastructure.
• SIBS FPScoreTechnology or IntegrationSIBS FPS is a Clearing and Settlement Mechanism (CSM) organization compliant with EPC payment schemes including SCT, SDD Core, SDD B2B, and SCT Inst. Based in Portugal and overseen by Banco de Portugal, SIBS provides payment infrastructure for SEPA transactions in the Portuguese market and beyond.
• EPC Clearing and Settlement Mechanisms (National Central Banks)coreTechnology or IntegrationMultiple national central banks including Banca d'Italia, Deutsche Bundesbank, Banque de France, De Nederlandsche Bank, Banque nationale de Belgique, Bank of Greece, and others serve as CSM operators for EPC scheme transactions, providing clearing and settlement services through their respective national payment infrastructures (some through TIPS platform).
• European Banking AuthoritycoreStrategic or Co-development PartnerThe European Banking Authority supports the Verification of Payee (VOP) initiative across the EU, working alongside the European Payments Council to strengthen protection in the Single Euro Payments Area (SEPA). VOP is a new safety feature implemented across the EU to improve security of digital payments.
• European Cards Stakeholders GroupminorStrategic or Co-development PartnerThe EPC is a founding member of the European Cards Stakeholders Group (ECSG), a multi-stakeholder association promoting card harmonization in SEPA. This partnership advances standardization efforts for card payments across Europe.
• Euro Retail Payments Board (ERPB)coreStrategic or Co-development PartnerThe EPC participates actively in the Euro Retail Payments Board created by the European Central Bank, which brings together the supply and demand sides of the industry to address strategic retail payments issues. The ERPB is chaired by the ECB and major topics impacting EPC SEPA payment schemes are discussed at the ERPB.
• EPC Routing and/or Verification Mechanism (RVM) ProviderscoreTechnology or IntegrationMultiple organizations provide RVM services for the VOP scheme including EBA Clearing, Iberpay, Worldline, Banfico, Form3, Bottomline, and approximately 50 others. These RVMs forward VOP Requests between Requesting and Responding PSPs and must complete the EPC RVM Qualification Process including API self-certification against the EPC API Reference Toolbox test platform.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Regional players

• STET: STET operates pan-European and French payment processing infrastructure and is integrated with EPC schemes. It functions as a regional CSM/clearing peer, particularly for SEPA instant payments in France.
• SIBS (now part of Worldline): SIBS FPS is the Portuguese CSM compliant with EPC SCT, SDD and SCT Inst schemes, overseen by Banco de Portugal. It is a regional CSM peer operating within the same EPC governance framework but focused on the Portuguese market.

Direct peers

• EBA Clearing: EBA Clearing operates RT1 and other pan-European CSMs fully compliant with EPC SCT, SDD Core, SDD B2B, SCT Inst and OCT Inst schemes. It is overseen by the ECB and directly comparable as a CSM partner and infrastructure peer within the EPC ecosystem.
• NACHA (The Electronic Payments Association): NACHA governs the US ACH Network, the closest US analogue to EPC's SCT and SDD schemes. It manages rulebooks, compliance and standards for interbank electronic payments, making it directly comparable as a payment-scheme management body.
• Iberpay: Iberpay operates the Spanish CSM for SCT, SDD Core, SDD B2B and SCT Inst and is a VOP RVM provider. BBVA Directa runs on Iberpay's instant infrastructure, making it a tightly coupled regional CSM peer within the EPC scheme ecosystem.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication): SWIFT is the global messaging backbone integrated with all five EPC payment schemes and oversees its own global retail payments scheme. As both a partner and a competitor for cross-border instant payments (especially against OCT Inst), SWIFT is highly comparable.
• EquensWorldline (Worldline): EquensWorldline is a pan-European CSM operator compliant with EPC SCT, SDD Core, SDD B2B and SCT Inst schemes, overseen by De Nederlandsche Bank. It is a directly comparable clearing infrastructure peer and an EPC RVM provider for VOP.

Emerging players

• Open Banking Implementation Entity (OBIE / Open Banking Limited): OBIE was the UK implementation body for Open Banking under CMA remedies, analogous in function to EPC's SPAA scheme. It is an emerging peer focused on a national market but addressing the same payment-account-access and PIS use cases EPC targets via SPAA.
• Berlin Group: The Berlin Group develops the NextGenPSD2 framework for open banking across Europe and overlaps with EPC's SPAA scheme. It is an emerging standards peer addressing adjacent payment-account-access use cases.

Broad incumbents

• The Clearing House Payments Company: The Clearing House operates US real-time payments (RTP) and CHIPS, and is analogous to EBA Clearing in the US. It serves a broader payments mandate across ACH, wire and instant rails, making it a broad incumbent peer rather than a direct head-to-head.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/epc_sepa
• LinkedInlinkedin.com/company/european-payments-council

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about European Payment Council