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The Single Euro Payments Area Explained
by James Erwin Europe’s adoption of euro notes and coins in 2002 has definitely made economic life easier in this part of the world. This advantage unfortunately has been limited to actual cash payments. Other ways of paying for goods and services such as credit or fund transfers and direct debits — all convenient electronic forms of payment, continue to suffer from Europe’s fragmented economic markets. Hope is presented though by a project spearheaded by the European Commission, the executive branch of the European Union. The project, known as the Single Euro Payments Area or SEPA, aims to unify electronic payments across Europe into an integrated system that cuts across economic differences within the member countries of the European Union. At present, electronic payments, many of which are done on the internet, … Read entire article »
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