Central Banking

Europe's payments revolution is slow going

The number of payments made using the new SEPA (Single Euro Payments Area) credit transfer have been "very low", admitted Gertrude Tumpel-Gugerell, an executive director at the European Central Bank.

"Credit transfer volumes were still very low in February and March, but it is slowly picking up," she said. It would be too much, she acknowledged, to say the volumes were on track for a "critical mass" of all European Payments by 2010, which the ECB has set as a target.

The new credit transfer rul