SEPA

SEPA (or the Single European Payments Area) will allow customers to make non-cash euro payments to any beneficiary located anywhere in the euro area using a single bank account and a single set of payment instruments.

The project is run by the banking industry, who tookup this challenging project by creating the European Payments Council (EPC) in 2002. The EPC has defined the new schemes, frameworks, rules and standards for euro payments. The implementation of SEPA is being undertaken by European banking communities and all other stakeholders. The European Central Bank (ECB) and the European Commission (EC) strongly support SEPA and with the EPC.

SEPA, along with related initiatives, is an effort to standardize the fragmented payments market in Europe and reduce cross-border barriers to payments processing. SEPA affects many aspects of electronic payments, including card payments, credit transfers and direct debits, thus impacting banks, processors, and their customers. IAP can help your organisation cope with the technological and procedural challenges involved.

Please contact us for further information.