By Eugene F. Fama
Conceal is maroon historical past and silver lettering
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Sample text
A fourth barrier to prepay is the nature of the European markets. Whilst the US has succeeded in introducing prepaid through targeting specific sections such as the unbanked or underbanked, Europe does not offer the same opportunities. For example, the US model for prepaid cards for the under- and un-banked is based upon a system where checks involve the individual paying $ 50 or more per month in check cashing bill payments and remittances or $ 200 per annum on a deposit account. Europe does not levy these fees in the same way due to the dominance of ACH (Automated Clearing House) for credit transfer payments, such as payroll.
All of these systems are incompatible, separated and segregated. As a result, Europe comprises 27 countries and four associated countries: Norway, Iceland, Liechtenstein and Switzerland, is suffering from 31 separate payments infrastructures which inhibits the region’s competitiveness. The European Commission and the European Payments Council (EPC), which represents the banks of Europe, have been working hard to rectify this situation by introducing a harmonised infrastructure for the Eurozone called the Single Euro Payments Area, or SEPA for short.
8 % of payments volumes for money remitters and mobile payments providers respectively. It should also be noted that, from a legal framework, this Directive applies to all European Member States, and the Extended Economic Area (EEA)8 and Switzerland, not just the euro area. This means that the banks in the non-euro countries must be able to provide SEPA instruments for euro payments, even though their national currency payments will continue as they are today. SECTION 2: SEPA’S IMPLICATIONS As a result of the introduction of SEPA and the PSD, major changes are occurring across the European payments landscape.
