Sepa: Promises and pitfalls
Ian Campbell looks at what Sepa means for businesses and some of the challenges around its implementation.
The Single Euro Payments Area (Sepa) initiative introduces mandatory standard s for 28 EU countries along with five other Sepa' countries to facilitate seamless electronic euro currency payments. Replacing the Electronic Money Transfer System (EMTS) on February 1 next year, the onus is on businesses and banks to have new Sepa transaction formats in place to be Sepa-ready'.
Credit transfers and direct debits will be governed by ISO 20022, an XML message standard that will replace national...
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