Brussels sets deadline for pan-European payment system

The European Commission 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 on the 16 December 2010.

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 European Commission's proposal now passes to the European Parliament and the Member States for consideration.

ESO: Background information: European Commission: DG Internal Market and Services: Payment services http://www.europeansources.info/record/website-payment-services/

ESO: Background information: Website: Single euro payments area (SEPA) http://www.europeansources.info/record/website-single-euro-payments-area-sepa/

ESO: Background information: Europe's winding road towards a payment revolution http://www.europeansources.info/record/europes-winding-road-towards-a-payment-revolution/

European Commission: Press Release: IP/10/1732: Single Euro Payments Area (SEPA): Commission sets deadline for pan-European payment system http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1732&format=PDF&aged=0&language=EN&guiLanguage=en

Deutsche Welle, 17.12.10: Pan-European payment plan put on the fast track http://www.dw-world.de/dw/article/0,,6351966,00.html

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