We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
78,785 News Articles

New EU rules for online payments

EU ministers agree on cross-border payments

EU finance ministers have agreed new rules to govern cross-border payments services for transactions made anywhere in its 27 member states.

The payments services directive, hammered out by finance ministers from across Europe, will provide the legal framework for the Single Euro Payments Area (Sepa), which will begin to come into operation next year and is set to be fully established by 2010.

The directive will cover transactions by electronic transfer and online payment services as well as payments made through the traditional banking sector. Sepa will make payments made across national borders by credit or debit card or electronic transfer as cheap as transactions within states.

But research commissioned by IT services firm LogicaCMG and published in October found that UK and European banks were struggling to get ready for Sepa.

In a survey of more than 100 high street banks, carried out by Coleman Parkes, more than three quarters admitted they were "just doing the minimum" to meet 2008 requirements, while 63 percent believed lack of coordination across the business would cause problems with Sepa implementations.


IDG UK Sites

3 of the best portable chargers: a solar power charger, a hand-cranked charger, and how to charge...

IDG UK Sites

iOS 8 review: Hands on with the iOS 8 beta

IDG UK Sites

Thinking robots: The philosophy of artificial intelligence and evolving technology

IDG UK Sites

Sharknado 2 VFX: how The Asylum created CG flying man-eating sharks