Phase I of SEPA, introduced at the end of January 2008, covers credit transfers and enables banks’ retail and corporate customers to transfer euros through identically structured payment orders with a guaranteed execution time. Phase II, under which other SEPA-related system upgrades are introduced, is scheduled to take place this year and next. Despite the enormous potential benefits there is a widespread feeling that things are not as ready as they should be and there is still a great deal of unfinished design and implementation. Ultimately, it looks as though the banks will have to increase their efforts to promote the full range of benefits to their customers.
