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He questioned for example the need of the 24 clearing houses existing in Europe, the different systems for domestic, cross-border, euro and non-euro payments, and the separate infrastructures for high and low value payments.
“Now we need a robust and realistic timeline for completion of the project”, he said. “The latest declaration of the EPC Plenary that they expect a critical mass of users by 2010 is a challenge.”
McCreevy called on the EPC to better involve the users of payment services in its deliberations and to establish a realistic timeline for migrating customers to SEPA products.