SEPA

The Single Euro Payment Area (SEPA) will be the area where businesses and individuals will be able to make and receive payments in euro, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of location.

SEPA will enhance competition and promote efficient payment systems. This will create opportunities for banks to develop innovative products, enter new markets and win new relationships.

A number of SEPA schemes are being created by the European Payments Council (EPC), including schemes for SEPA Credit Transfers and SEPA Direct Debits.

Further information can be found at on the European Payments Council website. Since the SEPA schemes are for euro-denominated payments only, there is no threat to the continued operation and development to the sterling-denominated Bacs Schemes in the UK, Channel Islands, Isle of Man and Gibraltar.