Brussels, 10/06/2009 (Agence Europe) - The European Commission has launched a public consultation on whether to set an end-date for the introduction of certain retail financial products (bank transfers and direct debits) corresponding to the standards of the Single Euro Payments Area (SEPA). This consultation will continue until 3 August 2009. Setting a clear end-date would send out a strong signal that the migration to SEPA products is "an irreversible process", would reinforce its clarity and predictability and "create an incentive for industry and users to speed up migration", said Commissioner McCreevy with responsibility for the Internal Market in a press release. The ECB and the European Parliament are in favour of this idea.
The consultation document asks a number of questions: - should the end-date cover only the inter-bank space, or the bank-to-customer space as well? ; - should it cover all products, or should certain so-called niche products be excluded (e.g. transfers/debits requiring specific authorisations or requiring a very short turnaround time)? ; - should there be a distinction between transfers and direct debits? - should end-dates be set at national or at European level, or could there be a number of possible dates to distinguish between Member States (e.g. countries which are members of the euro zone and those which are not)? ; - should these end-dates be laid down in the law? The consultation will not cover SEPA banking cards. In March 2009, SEPA bank transfers represented just 2.9% of all payments in euros made in the euro zone. (M.B./trans.fl)