What is e-Checking SEPA Direct Debit Core?
The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration initiative. With the introduction of the euro currency in 1999, the political drivers of the SEPA initiative - EU governments, the European Parliament, the European Commission and the European Central Bank (ECB) - have focused on the integration of the euro payments market. Since then, the political drivers have called upon the payments industry to bolster the common currency, by developing a set of harmonised payment schemes and frameworks for electronic euro payments.
SEPA Benefits for Customers
SEPA benefits, first and foremost, payment service provides customers including consumers, businesses and public administrations. Once SEPA is achieved, it will be possible to exchange euro payments between any accounts within SEPA as easily as it is within national borders today.
The implementation of innovative and competitive SEPA payment services translates into efficiency gains for businesses and public administrations. Common standards, faster settlement and simplified processing will improve cash flow, reduce costs and facilitate access to new markets. Consumers can rely on a single set of euro payment instruments throughout SEPA: one payment account, one payment card, one SEPA Credit Transfer (SCT) and one SEPA Direct Debit (SDD). Moreover, customers will enjoy benefits resulting from increased competition in the payments market.
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