BIC

Bank Identifier Code

CredEuro

Name of the ‘new’ SEPA compliant non-urgent or bulk
cross border euro payment.

EC

European Commission – the European regulators

EPC

European Payments Council
(Bank association tasked by the EC with delivering SEPA).
Published resolution requiring use of BIC and IBAN for all
cross border payments in euro: stage 1 enforced with
repair fee (now) and stage 2 mandatory Jan 07.

IBAN

International Bank Account Number

NLF

New Legal Framework to become (proposed) Payment
Services Directive. It defines the legal status of cross
border euro payments.

PEACH

Pan-European Automated Clearing House. Any ACH
system that can process payments across all EU
countries.

PEDD

Pan-European Direct Debits. New DD mechanism for
multiple countries due in 2008.

PriEuro

Name of the new SEPA compliant urgent or Priority
euro cross border payment

Regulation
2560/2001

The original EC regulation initiating the move to SEPA.
Requires cross border payment pricing to match
domestic pricing for payments up to €50,000.

Scheme
Rulebooks

Designs for the new payment types
(PriEuro and CredEuro)

SEPA

Single Euro Payment Area.
The goal for the EC and the deliverable of the EPC

STEP 2

The only current clearing mechanism for pan-European
non-urgent payments.

Target 2

Replaces existing Target (1) as the intra-day pan
European clearing system. (Like chaps) due to go live 2007.
UK (Bank of England) will not be joining as no
requirement for euro settlement in UK.