European Commission draft Payments Directive and SEPA (Single Euro Payments Area)

The European Commission has put forward proposals that will bring down existing legal barriers to enable the creation of a "Single Payments Area" in the EU that could save the EU economy €50-100 billion per year. The aim is to make cross-border payments – by credit card, debit card, electronic bank transfer, direct debit or any other means – as easy, cheap and secure as 'national' payments within one Member State.