04 February 2016
The European Payments Council (EPC) has today confirmed that from 1 May 2016 Jersey, Guernsey and the Isle of Man will become part of the geographical scope of the direct debit and credit transfer schemes of the Single Euro Payments Area (SEPA).
This is a significant development that will enable banks in the three islands to apply to join the SEPA schemes, which facilitate fast and secure cross-border transfers in euros.
The islands have worked in partnership to progress this matter and have each put in place the relevant legislation to meet SEPA requirements.
Assistant Chief Minister, Senator Philip Ozouf said “Today’s announcement by the European Payments Council is extremely positive news. It gives banks in Jersey the opportunity to join the SEPA direct debit and credit transfer schemes and offer customers the benefits that these secure and efficient schemes provide for payments in euros.
“As many of our largest banks have operations in more than one of the three islands, it is important that Jersey, Guernsey and the Isle of Man are joining SEPA together. Our inclusion in the geographical scope of SEPA reflects the fruits of well-coordinated work by industry, government and regulators in the three jurisdictions, in conjunction with our offices in Brussels. I would also like to express our appreciation for the excellent working relations we have established with the European Payments Council and also for the support we have received from Payments UK.”
Javier Santamaría, Chair of the European Payments Council, said “I welcome the fact that from 1 May Guernsey, Jersey and the Isle of Man will be included in the geographic scope of the SEPA schemes. The three jurisdictions are active European banking centres and their inclusion in SEPA will represent a natural extension of the scope of these schemes. I am pleased at the good cooperation that has developed between the EPC and the three jurisdictions over the course of the application process and we look forward to building on this.”