Wednesday 6th August, 2014

On 1st August 2014, the European Central Bank (ECB) reached a new major milestone in the integration of retail payments in Europe. After 15 years of work, the Single Euro Payments Area (SEPA) has been successfully implemented for credit transfers and direct debits in the euro area.

Every month more than 2 billion payments will now flow across the euro area in new standardised formats.

Businesses can now use a single system and set of accounts for all their euro trade in Europe.

"The successful completion of SEPA further accelerates Europe’s financial integration", said Yves Mersch, ECB Executive Board member. "It removes barriers to credit transfers and direct debits which will no longer impede businesses or consumers."

The Eurosystem, which consists of the ECB and the national central banks of euro area Member States, has monitored the migration to and implementation of SEPA from its inception, facilitating open dialogue between all parties (banks, corporates, consumers, public authorities, governments and SMEs).