Austrian Payments Council
Tel: +43/1/505 32 80-0
A-1070 Wien, Stiftgasse 15-17/8
|The SEPA vision|
The future of the payment transaction in Europe is sketched out in the following way by Charlie McCreevy, commissar of the European Union for the domestic market and services:
- A "real" EU market for payment transactions must be created. PT systems will then provide benefits for everyone involved in the payment chain, regardless of their nationality.
- Steps must be taken to promote competition – both national and cross-border. This will lead to new and innovative products and services being made available to the users.
- Steps must be taken to stimulate the efficiency of the payment transaction systems. This will lead to a learning process, which will lead to the use of the most efficient systems and the application of the best processes – and this on a continuing EU basis.
- A technological leap in payment transactions must take place. In many areas of the payment transaction we are already using leading technologies today, a re-engineering process of the whole system should lead to a further expansion of these technologies. The result should turn out to be genuine additional benefits for operators of PT systems, companies and end users.
- The aim must be to create a single, common payment transaction area, which offers additional advantages to all involved and also removes the existing price differences.
Source: Keynote address by Charlie McCreevy, European Commission“A vision for the future of payments in Europe”
20 September 2005, PARIS