The Single Euro Payments Area (SEPA) harmonises bank payment systems for Euro currency credit transfers, direct debits and debit card payments.
With SEPA, the holder of a bank account in one euro zone country will be able to exchange payments with other euro zone countries as easily as if they had an account in the country concerned. While SEPA’s impact on domestic UK transactions will be minimal for as long as the UK continues to trade in sterling, the main attraction for UK based organisations will be the ability to make cheaper, faster Euro payments into Euro zone countries. In this sense, SEPA payments will be significantly cheaper than those currently transacted via SWIFT.
- Standardization of Euro payments: strengthening banking trust and reliability on a Pan European basis.
- Higher number of competitors and fewer niches through standardization.
- Payment providers and banks are likely to be biggest losers in SEPA standardisation
- UK organisations paying into Euro zone countries can still benefit
- Reduction of cash money and increase of electronic money
- Increasing surveillance of money flow
For more information, please contact:
Phone: 01462 482 333
.
White Paper - Understanding the drivers for efficient and fully-inclusive Payment Systems
