Update from the Euro regulators on the Single Euro Payments Area (SEPA).

EUROPA – Rapid – Press Releases

Vision

The Commission and the ECB see SEPA as an integrated market for payment services which is subject to effective competition and where there is no distinction between cross-border and national payments within the euro area. This calls for the removal of all technical, legal and commercial barriers between the current national payment markets.

The update goes on to identify milestones achieved.

Milestones

Significant progress towards SEPA has already been achieved by the European
Payments Council (EPC) towards the establishment of the schemes, frameworks and
the necessary standards underlying SEPA. The Commission and the ECB take the
opportunity to stress their support for the objectives set by the EPC for
January 2008:

• That EU citizens, enterprises and public administrations should have the
  possibility to use the SEPA credit transfer and the SEPA direct debit payment
  instruments defined by the EPC.
• That the technical barriers to cross-border acceptance at the point of sale
  and cash withdrawals for card payments in euro should be removed. In addition,
  appropriate technical and contractual provisions and standards should be defined
  to ensure interoperability.
• That the necessary conditions for infrastructures to become SEPA-scheme
  compliant are in place. As a minimum, this calls for open and common standards
  that are available to all EU processing services and infrastructure providers
  for euro payments, so as to prepare for interoperability and effective
  competition.

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