SEPA (Single Euro Payments Area) will potentially lead to €21.9 billion in annual savings and the cancellation of 9 million bank accounts in the European Union. In addition, SEPA may unlock €227 billion in liquidity and credit facilities. These are the key findings of an economic analysis of SEPA that PwC was asked to perform for the European Commission.
With effect from 1 February, standardised domestic payment products, such as credit transfers and direct debits, have replaced throughout Europe by SEPA-compliant products. This created a single, integrated payments market in Europe.