THE SINGLE EUROPEAN PAYMENTS AREA (SEPA): THE CURRENT PAN-EUROPEAN CHALLENGE

DESMOND McFORAN

 

Abstract

This paper concentrates on the current development of the Single European Payments Area (SEPA), which is envisaged to be in operation by the time Bulgaria accedes to the European Union (EU). For banks and financial institutions in general, this is seen as a tremendous challenge, not only for existing EU members, but also for acceding countries such as Bulgaria and Romania. It will change the entire face of financial markets in Europe, both within and without the Euro-zone.

 

Key words

SEPA, payments operations, PE-ACHS, clearing systems

 

References

Interview with Alan Taylor (EBA-Clearing) www.IdeasLab.info 2005.
Nacamuli A., “How Banks can Prepare for SEPA” in BUILDING AN EDGE [IBM;2005]
“Towards a Single European payments Area” Third Progress Report of the European Central Bank, Dec. 2004.
Stavrova E. “Perspectives in Develoipment of the Bulgarian Banking System in European Globalised Financial Markets” in ECONOMICS and MANAGEMENT I.1. 2005.

 

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