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The Single Euro Payments Area (SEPA) which is a development championed by the European Payments Council, the European Commission and the European Central Bank, is another step in the creation of a single market for Europe.

SEPA aims to eliminate the difference between national and cross-border payments for countries within the Euro Zone, thereby enabling consumers and businesses to make payments as easily and inexpensively as in their hometown.

The first official SEPA deadline is getting closer; by 2008 the first SEPA products will start to become available and by 2010 all banks will need to be SEPA compliant.

There are a number of updates on SEPA available at www.sepa.ie