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Single euro payments area from the retail banking perspective

Author

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  • Fieseler, Bernd M.

Abstract

Europe-wide cashless payments are soon set to become reality with the ‘single euro payments area’ (SEPA). In line with plans by the European Commission and the European Central Bank, from January 2008 bank customers in all EU countries will be able to make cross-border credit transfers, direct debit and card payments as easily and securely as they already do in their home countries. This paper will also outline the viewpoint on SEPA of the Sparkassen-Finanzgruppe (group of German savings banks, Landesbanken and associated companies), who believe this transformation of cashless payment transactions must be customer-oriented — in other words private customer-oriented too — and improve rather than worsen the competitive landscape in Europe. As far as existing debit methods in Europe are concerned, the German banking industry views a network of competitive European systems working in collaboration with global methods as a viable solution for meeting the requirements of the SEPA Cards Framework (SCF).

Suggested Citation

  • Fieseler, Bernd M., 2006. "Single euro payments area from the retail banking perspective," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 1(1), pages 23-32, October.
    • Handle: RePEc:aza:jpss00:y:2006:v:1:i:1:p:23-32
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    More about this item

    Keywords

    single euro payments area; SEPA; debit card payments; electronic cash system; Euro Alliance of Payment Schemes; EAPS;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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