Slow take-up for new EU payments system

The European Union’s new Single Payments Area (Sepa) for direct debits has been slow to take off, with neither regulators nor the industry rushing to adopt it.

The deadline for Sepa’s launch for direct debits is November 2. The scheme is designed to harmonise payments and build a single Europe-wide market for payments. Sepa and its EU legislative vehicle the Payment Services Directive (PSD), should bring a variety of benefits – everything from updating outdated legacy systems to increased

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