SEPA 2005: the burning issues

The turn out for IBC’s annual SEPA conference last month highlighted how much of a burning issue the Single Euro Payments Area has become to banks and payments processors, even if only 22% of corporates are aware of what it actually means. European Commission head of Unit Payments and Retail Issues, David Deacon’s keynote speech certainly livened up the proceedings with the announcement that the EC will be introducing an ‘incentives project’ to encourage SEPA implementation next year. Virginie O’shea reports.

This announcement was met with surprise by many delegates and with a certain degree of alarm as it is the first time such a project has been mentioned directly by the EC. The McCreevy-led project details are currently being decided upon but Deacon implied strongly that more regulation is on its way over the course of 2006.