SEPA roles

Euro Area countries, with some minor exceptions, will change over to the use of SEPA credit transfer (SCT) and SEPA direct debit (SDD) payments by 1 February 2014. The same deadline is 31 October 2016 for non euro countries.

Although the euro is not legal tender in Hungary, Hungary is a SEPA country. More and more domestic banks are joining the SCT and SDD schemes. The list of SCT and SDD scheme participants can be found under the following link.

SEPA scheme compliant ACHs provide interbank clearing and settlement of SEPA payments. The list of these clearinghouses can be found at

The Hungarian SEPA Association has been the coordination body in relation to the preparation for SEPA in Hungary. Due to the advance of SEPA the Hungarian SEPA Association will terminate its operation and assign it roles to the Hungarian Banking Association. Useful information is available about SEPA in Hungary at:

At the moment, GIRO Zrt. does not provide clearing and settlement of SEPA payments. However, it does support preparation of domestic players. GIRO Zrt. is member of the European Automated Clearinghouse Association (EACHA). This Association defined the EACHA interoperability framework which provides for establishing standardised interoperability links between members. Customers of the national clearinghouses can initiate SCT and SDD payments to other SEPA countries as well. You can read more at:

Hungarian banks and the Magyar Nemzeti Bank (the central bank) decided to develop domestic forint payments system by adopting SEPA standards. As a result, GIRO Zrt. developed its new intraday clearing service on the basis of UNIFI (ISO20022) messages in line with their SEPA implementation.

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