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European Parliament Pushes SEPA Forward
The European Parliament made Feb. 1, 2014 the legally binding deadline for bank compliance with Single Euro-Area Payment (SEPA) processing methods.
The legislative act follows a December decision by the European Council, which made Feb. 1 the target compliance date pending further approval. According to FX-MM, 635 of 683 votes were in favor of the law.
European legislators are saying a single unified system could save up to 123 billion euros’ worth of headaches for clients, financial institutions, and businesses, the FX-MM report explains.
In May, U.K.-based payment processor VocaLink abandoned the SEPA cause, after having been widely recognized as one of the initiative’s strongest supporters. Market Platform Dynamics Founder David Evans spoke to VocaLink CEO Marion King about that decision in a PYMNTS.com exclusive interview.
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