On 10 January 2019, UK Finance issued a press release announcing that it has formally made an application to maintain participation in the Single Euro Payments Area (SEPA) on behalf on the UK financial services and payments industry. SEPA is an area in which consumers and businesses are able to make and receive payments in euros on common conditions regardless of their location in Europe.

UK Finance’s application is currently going through the governance process of the European Payments Council (EPC) and a formal final determination of the UK’s continued participation in SEPA will be made by a final EPC Board decision on 7 March 2019.