Central Banking

Europe's single payments area goes live

Eurozone banks and customers received a boost on Monday as the Single Euro Payments Area (SEPA) went live.

SEPA is designed to make payments across the euro area as quick, as safe and as easy as national payments by providing a common set of rules for credit transfers, direct debits and cards across the currency area. The initiative is led by the European Payments Council, which is made up of the major banks in the euro area.

A European Commission study shows that the potential benefits from SE