News

European Commission, Central Bank team to promote SEPA

August 13, 2006

Datamonitor:The European Commission and the European Central Bank are joining forces to support the single Euro payments area (SEPA) ideal. The move is expected to encourage Europe's payments industry to increase efforts to realize the EU's vision for SEPA compliance by 2010. The Commission and Central Bank announce their plans as the European financial services sector drags its heels on the issue. The Commission and the Central Bank say SEPA makes no distinction between cross-border and national payments within the EU. SEPA is expected to help the payments industry become more efficient, thereby providing significant savings and benefits to the wider European economy.