SEPA: Changing times for payments

Only just under 2% of all credit transfers in the euro area are executed according to the SEPA standard, despite the fact that SEPA credit transfers have been offered by banks and payment service providers since January 2008. It is important that particularly those users with large volumes of transactions to process become better informed about the benefits and technical details of SEPA, because full migration to the SEPA scheme is necessary for the single market to yield efficiency gains. Given the large investments for SEPA and increased competition, banks will have to consider which payment-handling processes to perform in-house and which ones to outsource. The first European link-ups have been established between national clearing organisations.

• Primary Source

https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services_en https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services_en

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