SEPA implementation date draws closer
BRUSSELS – The Single European Payment Area (SEPA) initiative, which comes into force for credit transfers from January 1 2008, aims to harmonise national payment systems to provide a more efficient and simpler means for making cross-border credit transfers, direct debits, and credit and debit card payments in euros from any country in the European Union.
With the recent EU approval of the final draft of the Payment Services Directive (PSD), SEPA is well on track to meet the implementation dates of 2008 and 2010. The SEPA rulebooks for each payment instrument have been ready since September 2005, and the EPC, the EBF and the European Commission are working with the industry to help banks implement the schemes in time for the 2008 deadline. But this is a significant undertaking. SEPA applies to all banks located in the EU, the EEF and Switzerland
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