Within the context of the switch-over to SEPA, i.e. the Single Euro Payments Area, a number of European payment systems for money transfers, direct debit and payment cards will be introduced in 2008 along with the national payment systems. As of 2010, only those European instruments and systems will be available for this kind of payments within the euro zone. The scope of the project and the short timespan make this a big challenge for the Belgian financial sector, all the more because it is still not quite clear what will be the exact standards.  

However, 600 days before the important deadline of January 1, 2008, the Belgian banks have already taken a first concrete step towards SEPA. After an in-depth analysis, the Belgian banking sector indeed has decided to replace, as of January 1, 2008, the Bancontact/Mister Cash (BC/MC) system by international systems for domestic card payments and money withdrawals. The first step will be a switch-over to Maestro. The choice for Maestro has been made for technical and organisational reasons – later on, the banks will also be able to offer other kinds of SEPA-compliant payment systems. 

This first concrete step towards SEPA will be beneficial for all Belgian citizens:

• The switch-over to Maestro does not require a special effort from the consumers, since this function has already been included into the vast majority of payment cards. Hence, cardholders will have no difficulty in using their payment card as they do now, but the payment system will be the same in Belgium as in the  rest of Europe. Moreover, it will be possible for them to pay as quickly and easily within the whole of the euro zone as they are used to in Belgium with the BC/MC system.  
• The cancellation of national payment systems can only be to the advantage of the  merchants, who will witness a huge increase in the number of potential customers: indeed, all European cardholders using the Maestro function – more than 270 million – will have the possibility of using their card for paying in Belgium. Furthermore, each merchant will be free to choose the company with which to sign an agreement for accepting Maestro. All of the parties concerned will do their utmost to ensure a smooth switch-over for the merchants. Banksys will take care of the full technical implementation.
• The Belgian payment systems are still leading in the field of innovation and security. Maestro fully supports the current BC/MC functions and this means that  cardholders, merchants and banks can rely on an adequate security system
  which gradually will be improved. Maestro also operates on a scale which is big enough to allow further innovation in the field of payment cards, and this should result in systems which give consumers increased user-friendliness.

Banksys considers the switch-over to international payment systems to be a perfect opportunity for strengthening its position as an international provider of payment services.

The choice for Maestro  proves that once more the Belgian banks are taking the lead in developing the European payment systems imposed by the European Commission.  

It goes without saying that investments will have to be made for the switch-over from BC/MC to Maestro. The Belgian banks and Banksys will cooperate with all parties concerned in order to ensure a smooth switch-over. Good coordination between the representatives of the parties concerned will make it possible for the Belgian users to switch to SEPA without any major problem.