Press Release: Joint statement by the European Commission and the European Central Bank welcoming the formal launch of SEPA payment instruments by EU banks (MEMO/08/51 + MEMO/08/52)

On 28 January, 2008, SEPA (the Single Euro Payments Area) went live and European banks formally launched the first SEPA payment instrument for credit transfers. This marked the first step in a migration process over the next few years during which customers will move in a market-led process from existing national electronic payment instruments to the new SEPA instruments. This is a logical extension to the introduction of the euro and will produce substantial benefits through a more competitive and efficient payments market.

ECB: Press Release, 28.1.08 http://www.ecb.int/press/pr/date/2008/html/pr080128.en.html

European Central Bank: Payment and Markets: Single euro payments area (SEPA) http://www.ecb.int/paym/sepa/html/index.en.html

European Commission: MEMO/08/52: Single Euro Payments Area (SEPA): Commission publishes major cost-benefit study http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/52&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: MEMO/08/51: Single Euro Payments Area (SEPA): Frequently Asked Questions http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/08/51&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: SPEECH/08/41: SEPA Goes live http://europa.eu/rapid/pressReleasesAction.do?reference=SPEECH/08/41&format=HTML&aged=0&language=EN&guiLanguage=en

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