Wednesday, November 16, 2005

SEPA rears its head....

Today the Financieele Dagblad reported on the upcoming changes as a result of SEPA. The article covers both legal changes as a result of the new legal framework and the changes as a result of using EPC-standards based on IBAN and BIC. Interestingly the article suggests that as of January 1, 2008 the IBAN will be used for domestic payments as well as cross-border payments. This suggestion appears not to be the first item on the agenda of Dutch banks themselves but rather that on that of the central banks (as reflected in this speech of ECB Board Member Tumpel Gugerell).

Further on in the same newspaper EPC-chair Hartsink outlines that he feels that further legal rules are inevitable to arrive at SEPA. Mr Hartsink furthermore announces that the EU government treasurers may meet in the coming months to decide how they may use EPC-based payment mechanisms to kickstart the use of panEuropean payments.