Number: RL33952
Title: The Single European Payments Area (SEPA): Implementation Delays and Implications for the United States
Authors: Walter W. Eubanks, Government and Finance Division 
Abstract: This report presents background on the efforts to create SEPA by the European government and the banking industry. It assesses the current electronic payments systems from the wholesale (large value) level and the retail (small value) level of payments. The report then examines the attempts to develop the pan- European automated clearinghouse system (PEACH). It summarizes the provisions of the Payment Services Directive that establishes the legal and regulatory basis for SEPA. The last two sections examine the implications of SEPA for U.S. international banks and conclude with an outline of the potential advantages and disadvantages of SEPA for European and American financial services providers.
Pages: 12
Date: May 2, 2008