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 at the States of Jersey, Senator Philip Ozouf, said: "Today’s announcement by the European Payments Council is extremely positive news... 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.”