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
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