With the introduction of the Single Euro Payments Area (SEPA) on 28 January, Deutsche Bank will make its first SEPA payments to each of the 15 countries within the eurozone.
Under SEPA, there will no longer be country borders when executing euro payments in Europe.
To commemorate the start of this important initiative, Deutsche Bank will make its first SEPA payments to charities within the existing 15 eurozone countries, donating each a symbolic amount of 2801 – representing the date of the launch.
“The introduction of SEPA is one of the most important Transaction Banking industry projects within the last decade and will fundamentally change the euro payments landscape. Deutsche Bank has engaged actively with industry and market bodies in Germany and throughout the EU, leading discussions to shape and encourage this significant development. We deemed it appropriate that our very first SEPA payments should be made to charities that Deutsche Bank actively supports,” says Werner Steinmueller, head of Global Transaction Banking, Deutsche Bank.
“Over the past two years, Deutsche Bank has made significant investments in its SEPA capabilities and has taken an active lead in this field. Our strategy is clear: Financial Institution clients will benefit from our SEPA Connect model providing them with connection to the clearing infrastructure as indirect participants. This allows them to receive and send SEPA transactions with minimal investment in their existing infrastructure. For Corporates our objective is to make the long term opportunities of SEPA an immediate reality for clients who benefit from lower transaction costs and a smooth migration,” adds Steinmueller.