What is the link between the Payment Services Directive and the Single Euro Payments Area (SEPA)?
The adoption of Regulation (EC) No. 2560/2001 stimulated an initiative by banks to achieve a Single Euro Payment Area (SEPA). The first steps in this initiative were the creation of a common decision making-body, the “European Payments Council” (EPC), and the adoption of a road-map with the aim of developing the necessary procedures, common rules and standards for EU-wide payments (covering credit transfers, direct debits, credit and debit card payments) in euros by 31st December 2010. These rulebooks and standards are now very nearly complete. The EPC’s initiative and the Payment Services Directive are therefore complementary and the Payment Services Directive should be seen as providing the necessary legal platform on which the payments industry can build its activities to make the EU payments market as efficient and competitive as that within the most effective Member State. Consequently, given this partnership, the Commission will continue to work in close co-operation with payment
