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Single Euro Payments Area
This document provides a progress report on the Single Euro Payments Area (SEPA) from the European Central Bank. It makes the following key points: 1) While SEPA credit transfers have launched successfully, more work is needed to increase adoption rates beyond 1.5%. Banks must improve communication, product offerings, and provide a consistent customer experience to drive uptake, especially among public administrations. 2) Preparations for SEPA direct debit are on track for a November 2009 launch, but debates around multilateral interchange fees must still be resolved. The report proposes capping fees at 8.8 cents on an interim basis to facilitate the launch. 3) Additional efforts are needed to achieve SEPA's
