The European Commission announced Thursday that EU banks are set to finalize an overhaul by Friday that will standardize payment processing and remove any distinctions between cross-border or domestic transfers, say reports.
The Commission’s announcement says the move “will greatly facilitate euro payments for citizens and businesses and increase competition between banks.”
The plan is part of the EU’s broader agenda to develop a Single Euro Payments Area. It will require that all businesses in the EU will accept payments in the SEPA format, facilitating cross-boarder payments for customers, reports say.
Other aspects of the SEPA agenda remain in production, including plans that aim to accelerate cross-border credit transfers and increase the transparency of bank charges, the Commission said.
Full content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI