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Sepa goes live

The first stage implementation of the single euro payments area (Sepa) - which aims to make cross-border payments as cheap as domestic transactions - has gone live with the official launch of the Sepa...


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Sepa? Next time I'll use PayPal

After recovering from the round of spontaneous street parties and celebrations that marked the introduction of the Single Euro Payments Area last month, my old mucker Dave Birch decided to try out the brave new world of frictionless money transfer in person.

Sadly, however, Dave’s attempts to initiate a Sepa credit transfer to friends in the Netherlands fell at the first hurdle, as his UK bank insisted that he turn up in person at the branch and fill out a payment instruction form.

“So, in summary, sending 50 euros to Amsterdam in the exciting new world of Sepa took two trips to the bank, cost £15 (ie, a transaction fee of 40%) and took three days,” says Dave. “Next time, I'll use PayPal.”

Read the full account on Dave's digital money blog.

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Paul Penrose
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Paul Penrose

Head of Research

Finextra

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06 Oct 2006

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This post is from a series of posts in the group:

EBAday

EBAday is the annual event for European payments professionals organised by Finextra and the Euro Banking Association. This community has been created to deliver a forum for EBA delegates to exchange views on instant payments, open banking and new developments in payments processing and technology.


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