At the frontline of the SEPA battle

We are now at the end stage of the process leading to the approval of the New Legal Framework (NLF) and of the new payment schemes for cards, credit transfers and direct debits. With this, the scene will be set for banks, bank groups, cards companies, automated clearing houses (ACHs) and many more for the ‘battle of the euro payment market’. Eurogiro is determined to play a key role in and around the future SEPA payment market. Henrik Parl, managing director of Eurogiro, provides an insight.

Henrik Parl, managing director, Eurogiro Network A/S

Over the last few months, the EU has been putting the last touches to the NLF. This directive aims at providing a uniform legal basis for payments within the EU and is as such a very important element in reaching the Commission’s objective of a Single Euro Payment Area (SEPA). Based on the draft directive, the European Payment Council (EPC) has been drafting the credit, direct debit (PEDD) and card schemes by which pan-European solutions can be achieved. These draft schemes are presently going through a national consultative process, which is expected to be finalised by March 2006.