Impact of the Formal Launch of SEPA Payment Instruments on Companies Outside the Euroarea
Single Euro Payments Area (SEPA) is a very important part in the process of implementing a common market in the European Union (EU). SEPA enables people to make safe, quick and cheap payments throughout the Euroarea just as they make their national payments. After the implementation of SEPA, it will be possible for corporates to make fast European transactions, simplify their payment, handle and consolidate their liquidity management. Not only will public administrators have the same benefits as corporates, but also one more - SEPA can help drive e-Government and e-procurement as a part of the process of making public services more efficient. In the future consumers will need only one bank account and one set of payment instruments. Similarly to Euro notes and coins, all euro payments will be domestic, finally there will be no difference between non-cash payments across Europe. For banks, SEPA payments can help expand their business as SEPA brings more competitiveness on the market. SEPA payments can be used for euro payments not only inside the Euroarea. It is possible to use it for the Euro payments within the EU outside the Euroarea, as well as in the number of neighbouring countries. However, there are questions to be asked. Namely, is it important for companies or inhabitants outside the Euroarea to use SEPA or simply to get interested in the possibility of participation in SEPA payments? How can SEPA payments be useful for economic subjects outside the Euroarea? Answers for these questions should be given in the following text. (fragment of text)
- Euroland: Our Single Payment Area, available at: http://www.europeanpaymentscouncil.eu/documents/SEPA%20Whitepaper%200520021.pdf
- EPC Roadmap 2004-2010 avalaible at: http://www.europeanpayments council.eu/documents/Roadmap%20public%20version%204th%20April%20amended%20March%2008.pdf
- ECB (1999) Improving Cross-Border retail payment Services - the Eurosystem View, Frankfurt am Main 1999.
- http://www.europeanpaymentscouncil.eu/ - press releases
- http://www.ecb.int/ - press releases