The Single Euro Payment Area (SEPA) became live on 2 November 2009 which removes the borders for electronic euro payments. The aim is to transform the fragmented national euro markets into a single European area that will create a more prosperous Europe.
SEPA credit transfers were launched in January 2008, followed by SEPA Direct Debits in November 2009. Standardisation is the key to the success of SEPA. To make the SEPA viable, banks in participating countries must adopt common payment instruments, standards and procedures. SEPA is transforming the transactions industry. Increased competition is depressing payment margins and banks need to find new sources of revenue.
SEPA Direct Debit is now live; are you compliant yet? Follow this link to read more about accelerated SEPA compliance in just 2 weeks more>
Latest news from the European Commission (EC) and the European Payments Council (EPC)
16 October 2009: EPC provides new and updated communication materials for download - more>
6 July 2009: EC release Payments Info-Letter - more>
24 June 2009: EPC publishes SEPA business to business direct debit scheme rulebook v1.2 - more>