Single Euro Payments Area - changes coming in banking

[Gulliver]

Just launched www.sepa.ie yesterday - a companion site to

SEPA (Single Euro Payments Area) is a major EU-driven project among banks to "europeanise" banking. It aims to make an account in any euro country usable throughout Euroland, in the same way that an account in a bank in one state of the US is usable throughout all states. When fully in operation, you should be able to pay your utility bills on your villa in Spain by direct debit, while having your salary paid by EFT from Frankfurt, all using your Irish bank account. For the banks, this is a major step - european clearing rather than Irish clearing, new products, new services. And there is a massive downside for them. Companies trading across Europe who now must operate an account in each country will in the future require one account, in the country which suits them best and gives good value for money.

attempts to explain how many aspects of banking currently work. It does what it says on the tin.

 

[AJC]

about bleddy time

Seriously though, it's a good development, the sort of benefit we should be getting from the single European market

now for the day when we can get our insurance directly from the guy in Poland/Germany/Sweden

 

[davfran]

Nice one AJC, I second that.

 

[s_loop]

Thirded, there does seem to be a shocking lack of information on SEPA in general out there though.

Let's not even talk about the tax harmonisation that will be required next though.

 

[Towger]

Don't hold your breath, I have been told by IPSO and various banks it will be few years before they have rolled out new systems to support SEPA in any greater form than we (end users) currently have to perform interbank credits and debits!

 

[Mpsox]

SEPA is good in theory, but take a long hard look at how financial services is regulated in each country before you go rushing into anything

 

[s_loop]

Don't hold your breath, I have been told by IPSO and various banks it will be few years before they have rolled out new systems to support SEPA in any greater form than we (end users) currently have to perform interbank credits and debits!

Well, the timeline is being driven by Europe and there are strict dates for implementation. So all banks have to be able to receive SEPA credits since January and to be able to handle debits by 2010. End of domestic systems by 2012 and from then on it should be SEPA only. I think it is a great idea as long as it is implemented correctly.

 

[s_loop]

SEPA is good in theory, but take a long hard look at how financial services is regulated in each country before you go rushing into anything

Do you mean by the Financial Regulator or by the governing bodies (IPSO, IRECC, etc)?