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The ECB and the European Commission welcome the official launch of SEPA and acknowledge the substantial preparatory work undertaken by European banks, through the aegis of the European Payments Council, to create SEPA.
Today SEPA goes live and European banks will formally launch the first SEPA payment instrument for credit transfers. For technical and legal reasons, the launch of the SEPA payment instrument for direct debits will take place subsequently, but should occur no later than
The ECB and the EC call on banks to maintain momentum in the SEPA process so that users can migrate quickly in a market-led process to the new SEPA payment instruments and the costs of dual payments can be kept to the minimum. This also calls for the rapid launch of the new SEPA payment instrument for direct debits and the full adoption of the SEPA Cards Framework by relevant stakeholders.
To mark the official launch of SEPA, Commissioner McCreevy, Ms Gertrude Tumpel-Gugerell, ECB, and Mr Gerard Hartsink, EPC Chairman will host this evening a SEPA launch event in