EUROPEAN CENTRAL BANK:Quantitative indicators

To monitor the usage of the new SEPA payment instruments the Eurosystem compiles quantitative SEPA indicators. See also Second SEPA migration report (October 2013).

These indicators will be compiled during the period of SEPA migration when both national legacy non-SEPA instruments as well as the new SEPA instruments are offered and used in parallel. The Eurosystem does so because it acts as a catalyst for the SEPA project and closely monitors its implementation including the migration towards the new SEPA payment instruments. More about the role of the Eurosystem.

• Migration of credit transfers
• Migration of direct debits
• Migration of card payments

Euro area

Transactions processed in SEPA format

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The chart (red line) shows the share of SEPA credit transfers (SCT) in the inter-bank domain as a percentage of the total volume of credit transfers (CT) - that is credit transfers in the "old" as well as in SEPA format.

The higher the value of the indicator, the higher the usage of the newly introduced SEPA product. A figure of 100% would indicate that only SEPA products are used and have fully replaced the non-SEPA instruments.

The bars in the chart above indicate the total number of SCT transactions processed by the infrastructures located in the euro area. The figures are not seasonally adjusted.

The figures are based on aggregated data from the following clearing and settlement infrastructures/systems located in the euro area: ACH Finland, CEC, RPS, Dias, Iberpay, SIT/CORE, BI-COMP, JCCTransfer, Equens, Step.at, SIBS, Bankart, SIPS, ESTA, STEP2 and CS.A.

Transactions sent for example via links between infrastructures have been excluded to avoid double-counting. The results also exclude "on-us" transactions (credit transfers between accounts at the same bank), as well as transactions cleared between banks bilaterally or via correspondent banking.

The results are monthly figures. However, as the SEPA Credit Transfer scheme was launched on 28 January 2008, the first result 02-2008* refers to the period 28 January to 29 February 2008.

At the national level

Indicators of the usage of SCT as a percentage of all CT transactions per country (euro area countries)

Country	January 2014 (%)	February 2014 (%)
BE	86.8	95.6
DE	58.5	77.9
IE	60.9	90.6
GR	81.5	83.1
ES	82.7	90.5
FR	84	91.7
IT	61.5	89.9
CY	100	100
LU	96.3	96.3
LV	100	100
MT	68.7	80.16
NL	86.4	91.8
AT	66.2*	75.0*
PT	89.2	92.3
SI	99.3	99.4
SK	100	100
FI	100	100
EE	2.7	99.7

All figures for download

The indicators show the share of SEPA credit transfer (SCT) transactions as a percentage of the total volume of all credit transfer (CT) transactions initiated in a country (i.e. CTs in the legacy format as well as SCTs).

The indicators assess the current status in all euro area countries.

From the first half of 2008 until mid-2012, the indicators were compiled on a semi-annual basis by the NCBs. From July 2012 until December 2013, the indicators were compiled on a quarterly basis. From January 2014 onwards the indicators are compiled monthly.

Latvia joined the euro area on 1 January 2014. Whilst Regulation No 260/2012 stipulates 1 January 2015 as the end date for migration to the SCT and SDD schemes in Latvia, the stakeholders have agreed on an earlier end date for migration to the SCT scheme in Latvia, which is 1 January 2014.

* The effect of the AT niche product is not adjusted for in their national migration percentage.

Indicators of the usage of SEPA credit transfers as a percentage of all euro credit transfer transactions in each country (non-euro area countries)

Reference area	%	Ref. period
DK	100.00	H2 2012
PL	96.13	Q2 2013
SE	93.00	Q2 2013
UK	100.00	H2 2012
LT	76.90	Q2 2013
HU	54.91	H1 2013

All figures for download

Non-euro area EU countries participate in this exercise on a voluntary basis only. The indicators provided refer to euro transactions only and are compiled by the NCBs either on a quarterly or a semi-annual basis.

The methodology applied to collecting the data and to compiling the indicators was defined in such a way so as to facilitate comparisons across countries. In particular, the national SCT indicators generally cover a significant number of credit transfer transactions initiated in a country. Clearing and settlement practices differ across countries, however. Unless otherwise indicated, the national SCT indicators have, therefore, been compiled using data on transactions processed by the relevant clearing and settlement mechanisms, on bilateral clearing of transactions between two credit institutions, on correspondent banking, as well as on the processing of so-called "on-us" transactions, i.e. transactions between accounts at the same bank.