The Eurosystem, which comprises the European Central Bank (ECB) and 16 national central banks of the euro area, is publishing a set of expectations for different stakeholders regarding the future progress of the Single Euro Payments Area (SEPA) project. The expectations, developed as a response to requests for guidance received throughout 2008, provide support for banking communities and payment institutions. They should also provide users with guidance regarding the adjustment of their payment-related activities and what they can expect from their bank or payment institution. The Eurosystem’s expectations are not, however, intended to be formal requirements or legally binding.