Wednesday, March 14, 2007

WestLandesbank and Click&Buy to make use of EPC-standards for cross-border payments

Finally there is some good news on SEPA, the single euro payments area. WestLB AG and Click&Buy most properly recognized that the standardised EPC-formats for payments can be made to good use in the future. So they published a press-release on that with the completely incorrect title: WestLB AG and ClickandBuy Simplify European Payments

Quite amusing as none of these companies were anywhere near the European Payments Council lately (where it all started) but still, it goes to show that the EPC-standards can be put to good use. Or as they would phrase it:
WestLB AG and ClickandBuy today launched the first Europe-wide pilot project on the future Single Euro Payments Area (SEPA). Until now companies and private persons in each member country have had to comply with a variety of legal frameworks in the payments field. Going forward, payments can be effected more easily and more cheaply throughout Europe via SEPA. Under the model project, WestLB and ClickandBuy will simplify European payments settlement at an early stage. The aim is to significantly reduce the administrative costs of companies operating throughout Europe.