Sepa: Promises and pitfalls

Ian Campbell looks at what Sepa means for businesses and some of the challenges around its implementation.

24th November, 2013
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.'

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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