Today (Monday Jan 28th 2008) the champagne glasses will clink in the Charlemange building in Brussels as Charlie McCreevy, the European Central Bank, and the banking industry of Europe celebrate "SEPA GOES LIVE" day.
SEPA - The Single Euro Payments Area is the concept of making it as easy to transfer money across borders in the Eurozone as it is within the country. It should start with the credit transfer today - but are the Irish banks ready? Given their total silence on the subject, it is hard to know. My guess is that if they had something to say, we'd have heard it. No mention in the weekend papers - no mention on the bank websites.
Very substantial benefits are quoted from Brussels on this one - and even greater benefits if instead of minimalist implementation, the banks take the opportunity to improve a range of automated services, particularly invoice presentment and payment.
In later stages of SEPA (perhaps a year from now), a Europe-wide Direct Debit should be available, which will mean that if you have a little villa on the Costa or in Provence, you will not need to have a local bank account there to pay the bills
Other stages should improve the acceptance of Debit cards.
Is Ireland going to be the laggard of Europe on this one?
SEPA - The Single Euro Payments Area is the concept of making it as easy to transfer money across borders in the Eurozone as it is within the country. It should start with the credit transfer today - but are the Irish banks ready? Given their total silence on the subject, it is hard to know. My guess is that if they had something to say, we'd have heard it. No mention in the weekend papers - no mention on the bank websites.
Very substantial benefits are quoted from Brussels on this one - and even greater benefits if instead of minimalist implementation, the banks take the opportunity to improve a range of automated services, particularly invoice presentment and payment.
In later stages of SEPA (perhaps a year from now), a Europe-wide Direct Debit should be available, which will mean that if you have a little villa on the Costa or in Provence, you will not need to have a local bank account there to pay the bills
Other stages should improve the acceptance of Debit cards.
Is Ireland going to be the laggard of Europe on this one?