The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Review of developments in payment systems 2010: SEPA and PSD

The development of the Single Euro Payments Area (SEPA) continues to be of more importance to banks than to companies. For most companies, at this stage, SEPA is almost irrelevant, offering few benefits of any significance now or for some time.

The SEPA Credit Transfer system, which was a launched on 28 January 2008, is used for fewer than 5% of all credit transfers in SEPA. In addition, for most companies, there has been little if any improvement in the pricing of payment card services in SEPA, which is a mess as the European Central Bank (ECB) keeps changing the rules. The ECB is failing to understand that payment cards are ubiquitous and continues to encourage banks to develop a Europe-only debit card. RBS recently moved from MasterCard’s Maestro card to the Visa Debit card because of its greater global coverage. As an RBS spokesman explained, "VISA Debit offers almost three times the global acceptance of Maestro, making 29 million point-of-sale outlets available to customers across the world". Why would RBS or any other bank want to issue a Europe-only debit card? The two new SEPA Direct Debit (SDD) schemes, Core and Business2Business, launched in November 2009 unfinished and incomplete, are faring little better.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree