On the launch of the SEPA Credit Transfer Scheme, which completes the first phase of the Single Euro Payments Area, the three European Credit Sector Associations’ Presidents welcomed the achievement of joint efforts by banks and European institutions.
Participating in a panel of speakers organised by the European Commission and the European Central Bank to celebrate the occasion, the Presidents of the three associations expressed their satisfaction at having over 4.000 European banks deploying, at the committed time, products based on the SEPA Credit Transfer Scheme, along with the supporting infrastructures.
They stressed this is an illustration of the commitment of the banking sector to the SEPA project as the appropriate response to the political ambition of an internal market for payments expressed by European institutions.
The completion of this first phase marks a significant advance for customers and society. Some concerns however remain in relation to the deployment of the subsequent phases in which European and national authorities have to play their role.
“Banks have not shied away from their responsibilities and commitment and will continue to do so. But they are not solely responsible for the future final achievement of SEPA: all stakeholders must be actively committed, information and cooperation are key if SEPA is to fulfil its role as competition enhancer,” says Michel Pbereau, president, European Banking Federation and chairman, BNP Paribas.
“The market introduction of the SEPA Credit Transfer is an important step towards the single European market. The European banking industry has lived up to its responsibilities with respect to establishing the SEPA. Now European users must be convinced of the benefits of the SEPA instruments,” says Heinrich Haasis, president, European Savings Banks Group.
“The European banking industry delivered the new SEPA payment schemes in time. Now, the Payment Services Directive (PSD) has to be transposed in all national legislations at the latest on 1 November 2009. So, we will have one level playing field all over Europe and the new SEPA direct debit scheme could be used by the customers,” adds Christopher Pleister, chairman, European Association of Co-operative Banks (EACB) and chairman, National Association of German Cooperative Banks (BVR).