The European Central Bank (ECB) has announced that the Single European Payments Area (SEPA) has been successfully implemented for credit transfers and direct debits in the euro area. This will now enable consumers and businesses to use a single bank account for all euro credit transfers and direct debits in the EU. Consumer protection for direct debits has also been strengthened by the introduction of new rules to facilitate refunds.

View Single Euro Payments Area (SEPA) reaches major milestone for retail payments, 1 August 2014

View Vice-President Michel Barnier welcomes major milestone for the internal payments market with the migration to SEPA (Single Euro Payments Area), 1 August 2014