| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/10/1732 (16.12.10) |
| Publication Date | 16/12/2010 |
| Content Type | News |
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The European Commission has proposed to set EU-wide end-dates for the migration of the old national credit transfers and direct debits to the recently created Single Euro Payments Area (SEPA) instruments. It will mean that national credit transfers and direct debits are phased out and the recently created pan-European systems take their place, respectively 12 and 24 months after the entry into force of the Regulation. This will reduce the costs of payments, increase competition and make cross-border payments as easy as domestic ones. The Commission's proposal now passes to the European Parliament and the Member States for consideration. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1732&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
