Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How does Faster Payments related to SEPA and other Payment Initiatives?

April 26, 2017faster Initiatives payment PAYMENTS SEPA

0

Posted

How does Faster Payments related to SEPA and other Payment Initiatives?

1 Answer

0

Posted

• Faster Payments is a UK sterling only payments scheme, essentially for credit transfers • SEPA is a scheme covering payments in euros only in 25 countries, including credit transfers and direct debits • Faster Payments is a real time, message based service • SEPA is multi day cycle based For a UK bank the SEPA project will affect different system components, customer propositions and business processes to the Faster Payments project. It will be a completely different project.