The European Commission announced Thursday that EU banks are set to finalize an overhaul by Friday that will standardize payment processing and remove any distinctions between cross-border or domestic transfers, say reports.
The Commission’s announcement says the move “will greatly facilitate euro payments for citizens and businesses and increase competition between banks.”
The plan is part of the EU’s broader agenda to develop a Single Euro Payments Area. It will require that all businesses in the EU will accept payments in the SEPA format, facilitating cross-boarder payments for customers, reports say.
Other aspects of the SEPA agenda remain in production, including plans that aim to accelerate cross-border credit transfers and increase the transparency of bank charges, the Commission said.
Full content: Bloomberg
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