Impact of the Implementation of the SEPA Project on SMEs

Abstract

1. Introduction introduction of a common currency, the euro, and subsequently the use of the common currency in the Eurozone was the main impulse for creating a common payment area for cashless payments. A project, named SEPA--Single Euro Payments Area, was established with the aim to create a common area for payments in EUR. main mission of SEPA was to abolish borders and implement cashless payments in euro (Et al., 2013). In SEPA, consumers, companies and other economic entities accept and receive payments in euro within their individual countries, and between the countries, under the same terms and conditions and with the same rights and duties, regardless of their geographical location. (Schlossberger, 2012). aim of the SEPA project is to harmonise payment services in the EEA = European Union countries (herein the EU) + Iceland, Lichtenstein, Norway, Monaco and Switzerland. For the reasons stated above, the project is supported by the European Central Bank (hereinafter the ECB) and the European Commission (hereinafter the EC). European Council (hereinafter the EPC) created common rules and implementation procedures for putting SEPA into practice. A major milestone for the implementation of SEPA in practice was the adoption of (EU) No. 260/2012 of the Commission and the European Parliament, establishing technical and business requirements for credit transfers and direct debits in euro and amending (EC) No. 924/2009. In the CR the implementation of SEPA payment tools into practice is carried out through cooperation between the Czech National Bank (hereinafter the CNB), the Ministry of (MF) and the Czech Association (CBA). 2. Literature Review Apart from the author of this paper, [e.g. Schlossberger, O., 2012, Payment (Management Press, Prague) or Schlossberger, O., 2011, Cross-border System Cuts State Boundaries, an anthology from a conference entitled Hradecke ekonomicke dny, 286-291, (Gaudeamus, Hradec Kralove)], only a few other authors in the CR are dealing with the issue of SEPA, mostly on a general level, focusing on the issue of financial markets. For example, prof. Jan Jilek in his publication Jilek (2), J., 2013, Finance in Global Economics--Cash and (GRADA, Praha) or a publication by a team of authors, prof. Mejstnk (3), M., Pecena, M. and P. Teply, 2014 Banking in Theory and Practice (Karolinum, Praha). SEPA, with a focus on the legal issue of the project and regulation of payment services, is covered in a publication by authors Prof. Tyc and Mr Kyncl--Kyncl, L. and V. Tyc4, 2013, Regulation of Online Financial Services in the European Union. issue of European payment transactions was also discussed by Prof. Michal Tomasek, focusing on the legal issues in this area, in, for example, Tomasek, M., 1997, Payment Transactions in the European Union--Part I (Komercni banka and Association, Prague). To name some foreign publications, we should mention a publication from Slovakia, published several years ago, Klimikova, M.5, 2008, Payment (MARADA, Bratislava, SR), which discussed the use of SEPA project results in companies (see p. 138 an.). From the several publications discussing SEPA as a project and its basis from an information point of view, we should point out Prof Jurgen Bott6, 2009, The Single Euro Payments Area: New Alliances Required to Tip the Market (ECRI, Research Report No. 10), covering, amongst others, incentives for the providers of these payment services and their users when transferring to SEPA products. 3. SEPA--Project to Rationalise Contact impact of the SEPA project on small and medium-sized enterprises shall be researched, and therefore it is important to define the terms. In the EU countries SMEs represent major economic subjects, in terms of the number of employees they represent 99% of all businesses and generate 70% of GDP in the EU, and 37% in the CR. …