Single Euro Payments Area - SEPA

One of the most important lacking features to complete the European Internal Market in financial services is harmonisation of payment systems. The current state of affairs, with 27 different national systems, works as a barrier for the Internal Market and causes unnecessary additional costs for companies and consumers. Moreover, it reduces the growth potential and the economic welfare of Europe.

Even more importantly, the benefits of a single currency within the Euro Area cannot be reaped without workable and well functioning payment systems in place, which serves the whole Euro Area.

Therefore, UEAPME welcomed all initiatives from the European Commission, the financial services sector, the European Central Bank and other involved stakeholders to create a “Single Euro Payments Area – SEPA” as of the beginning of 2008. Europe’s SMEs see SEPA as an important step towards the completion of the Internal Market, but have warned several times that such a step has to be well prepared, must meet the practical needs of enterprises and provide – at least in the long run - positive incentives for all market participants.

Position Papers

• April 2007: Single Euro Payments Area – SEPA: Needs, Opportunities and Threats for Crafts and SMEs

Press releases

• 28/01/08: SEPA not yet mature enough to be used by SMEs

• 24/04/07: Better cross-border payment services should not come at SMEs’ expenses

• 28/03/07: Transition measures are key to the success of new payments regime