European Payment Council

The European Payments Council (EPC) is the decision making and coordination body of the European banking industry in relation to payments. EPC was established in June 2002 and adopted its current governance structure in mid 2004. Its purpose is to support and promote the creation of a Single Euro Payments Area (SEPA); a single harmonised, open and interoperable European “domestic” payments market achieved through industry self-regulation.

EPC defines common positions for core payment services within a competitive market place, provides strategic guidance for standardisation, formulates best practices and supports and monitors implementation of decisions taken. This is done in such a way that banks can maintain self-regulation and meet regulators' and stakeholders' expectations as efficiently as possible.

EPC now consists of 66 Members, composed of banks and banking associations. Over 300 professionals are directly engaged in the work programme of the EPC from 27 countries and representing all sizes and sectors of credit institutions

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SEPA EXPLAINED

A basic introduction to the Single Euro Payments Area

SEPA will create a single euro payments area. Following the introduction of euro notes and coins in 2002, attention has now turned to harmonising the diverse national and cross‐border retail payment systems for the euro. Integrating these systems is a natural step towards making the euro a truly single and fully functioning currency. The SEPA programme is all about harmonising millions of everyday ‘retail’ payments. As a result, there will be a number of changes to today’s commonly used payments in order to provide SEPA‐wide standardised instruments. In short SEPA will help to realise the benefits of the Single Market in goods and services.

 

2. GROWTH OF ELECTRONIC PAYMENTS

A basic introduction to the Single Euro Payments Area

SEPA will create a single euro payments area. Following the introduction of euro notes and coins in 2002, attention has now turned to harmonising the diverse national and cross‐border retail payment systems for the euro. Integrating these systems is a natural step towards making the euro a truly single and fully functioning currency. The SEPA programme is all about harmonising millions of everyday ‘retail’ payments. As a result, there will be a number of changes to today’s commonly used payments in order to provide SEPA‐wide standardised instruments. In short SEPA will help to realise the benefits of the Single Market in goods and services.