Published on Wednesday, January 04, 2012
Their accord means that, from 1 February
2014, all banks and financial service providers must use the same
payment system.
For some time now, the European Commission has had designs on enforcing migration deadlines from national credit transfers and direct debits to SEPA (Single Euro Payments Area) instruments. In the absence of such rules, the uptake of SEPA has been markedly slow.
The Single Euro Payments Area will replace the 32 separate systems that currently operate in Europe. This will enable faster and cheaper cross-border payments within the European Union (EU). It is a move with the potential to save individuals and businesses over £100 billion within 6 years.
European Commissioner Michel Barnier said, 'SEPA brings cost-cutting potential for companies operating throughout Europe as well as authorities as there will be a wider choice of payment service provider, faster and more efficient processes as well as greater transparency. Similarly, businesses will enjoy common standards and faster settlement and simplified processing that will improve cash flow, reduce costs and facilitate access to new markets.'
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