The Single Euro Payments Area: : Characteristics, Realization and Future Prospect

Abstract

1 Introduction 3 2 Significance of Retail Payments 4 3 Characteristics of the SEPA Project 6 3.1 Vision behind and the stakeholders involved 6 3.2 Payment instruments and new payment schemes 8 3.3 Standardization and technical requirements 11 3.4 Timeline and implementation 12 4 Realization of the SEPA Project 17 4.1 Payments market integration 17 4.1.1 Fragmented payment habits 17 4.1.2 Development of cross-border retail payments 20 4.2 Increased overall efficiency 22 5 Conclusion and Implications for Finland 24 References 27 List of abreviations 30 Annex 31