
Single Euro
Payments Area to bring easier payments and transfers in
euro area from 1 August – The Single Euro Payments
Area (SEPA) creates a true European Single Market for retail payments in euro
where and transfers, direct debits and payments between Member States are as
easy and fast as the equivalent domestic transactions.
It will become
operational in all euro zone countries on 1st August 2014. It will also apply
to euro-denominated transactions in non-euro zone countries from 30th October
2016. SEPA will greatly facilitate euro payments for citizens and businesses
and increase competition between banks.
For further information,
kindly visit: http://europa.eu/rapid/press-release_MEMO-14-502_en.htm