Single Euro Payments Area becomes operational

The Single Euro Payments Area (SEPA) became operational on 28 January 2008 when the first electronic payments for credit transfers in euros were made across Europe using the new SEPA standards. This marks the first step in a major migration over the next few years during which customers will move from existing national electronic payment instruments to the new SEPA instruments in a market-led process. SEPA is a logical extension to the introduction of the euro and will produce substantial benefits through a more competitive and efficient payments market.

European Commission: DG Internal Market and Services: Payment Services: Single Euro Payments Area (SEPA) http://ec.europa.eu/internal_market/payments/sepa/index_en.htm

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