Objectives
The main objectives of SEPA are:
- Standardization of euro payments: equal time limits, equal fraud-risk levels, equal processes, all-electronic straight-through processing, no difference between national and international payments in the SEPA area; strengthening trust and reliability on a pan-European basis
- Greater competition, fewer niches, special fields or incompatibilities through standardization
- Reduction of costs of electronic money and payment transactions through competition on the part of payment providers and banks; both are considered the biggest losers of the SEPA standardization process, of an estimated € 40,000,000,000 per year.
- Reduction of cash and increase of electronic money through reduction of electronic-money costs
- Increasing surveillance of electronic money flow, particularly regarding money laundering (unofficially, also for surveillance of illicit work, organized crime and tax evasion)
Read more about this topic: Single Euro Payments Area
Famous quotes containing the word objectives:
“Along the journey we commonly forget its goal. Almost every vocation is chosen and entered upon as a means to a purpose but is ultimately continued as a final purpose in itself. Forgetting our objectives is the most frequent stupidity in which we indulge ourselves.”
—Friedrich Nietzsche (1844–1900)