Banks transfer £1bn in Sepa's first week
Payment processor SIA-SSB helped complete around 200,000 Sepa credit transfers in the first week that Sepa (the single Euro payments area) came into force.
The total value of the transactions last week was £1bn, said SIA-SSB, as more than 100 European banks exchanged credit transfers complying with the new payments standard.
According to two studies carried out by the European Central Bank and the EU respectively, Sepa will have significant positive effects, with savings that could top £95bn over the next six years.
A further £183bn could be added to this figure should Sepa also be used for electronic invoicing.
Sepa expected to save £268bn >>
ABN Amro offers to process Sepa for other banks >>
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