The objective of SEPA is to eliminate the difference between national and cross-border mass payments within the EU, and citizens and companies will in future be able to send and receive euro payments based on the same set of rules irrespective of geographical location. This purpose is in line with the EU’s vision to achieve broader commercial harmonisation across the euro zone, which will then lead to greater cross-border trade in goods and services and to greater efficiency and competitiveness for European businesses. Hence, the Danske Bank Group’s integrated IT platform provides a solid foundation for these measures.
The implementation of SEPA has started January 28, 2008 and will continue until end 2010. SEPA covers all EU member states, EEA countries and Switzerland.
SEPA can only be met through efficient processes and an integrated IT platform linked to international payment infrastructures. The Danske Bank Group’s integrated IT platform thus provides a good starting point for these measures as it already at present handles cross-border payments by means of centralised and streamlined processes.
The Single Euro Payments Area (SEPA) will change the European payment scene over the coming years. SEPA originated at the initiative of the European banking industry and is coordinated by the European Payments Council – the banks’ joint European decision-making and coordination body.
Last updated on February 11, 2008