Benefits to the stakeholders
In practice, the SEPA project means swift and secure electronic payments between banks' accounts. For customers, it is sufficient to have a single account and a single card at any bank in SEPA Countries in order to make payments under the same basic terms and conditions as those which apply to the payments executed in their home country.
Market demand side
Consumers
The single currency, a single set of payment instruments, a single bank account, a single card – is all one needs to make the euro payments from any place across Europe. Making a payment between two European countries will be as easy, efficient and safe as making a national payment today. The card payments executed on the same conditions as in the home country will facilitate the use of payment cards within Europe and encourage the merchants to furnish more points of sale. An increasingly wider acceptance of cards will replace cash (especially when travelling).
Merchants
SEPA will create a broader selection of card processing collaboration partners (banks or card processing centres) in Europe. Competition will enhance choice opportunities, lower costs and better service. Merchants will be able to accept any European payment card and choose any bank or card processing centre. The single terminal standards will facilitate the decline in transaction costs and simplify the transaction handling process and, with respect to the card acceptance, enable merchants to change a collaboration partner freely.
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Small and Medium-Sized Enterprises
Faster payments and simplified processing will improve the cash flow management and reduce entrepreneurship costs. The Small and Medium-Sized Enterprises will be able to make and receive euro payments anywhere across Europe on the same main terms and conditions.
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Corporates
Single standards will enable the implementation of a single payment processing anywhere in Europe resulting in major savings. One single payment format will be used to make and receive the euro payments. Value-added services, for example, e-invoicing and e-reconciliation services will facilitate end-to-end straight-through processing.
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Public authorities
Public authorities will benefit from single payment standards and improvements in cash flow management. In addition, SEPA will help to enhance e-government and e-procurement, thus promoting efficient public services. Public authorities play a significant role both in the SEPA project management and the SEPA product adoption.
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Market supply side
Banks
Banks have developed and will continue to develop the SEPA products. SEPA for banks means expanding their business (new markets, new customers) and innovative products. A more efficient payment processing will encourage integration, harmonisation and competition on the European internal market. SEPA means single payment standards that have created a level playing field for banks (a single set of rules, an open access to the market, transparency, reachability, interoperability).
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Payment processing providers
SEPA has established a single set of technical standards for clearing and settlement systems. Interoperability and reachability are ensured among numerous system providers. Card processing centres will service different card schemes and card acquirers throughout Europe. SEPA will provide an opportunity to expand business. Payment systems will no longer be limited by national borders. They will be able to provide their services throughout Europe.
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Payment technologies providers
SEPA ensures the development of new low cost technology products and services, which will service the single euro payments market.
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Last updated: 20.08.2009. 17:06
