An amendment to Jersey’s banking regulations came into force on Friday 18 January, relating to the Single European Payments Area (SEPA). The amendment updates Jersey’s law to bring it in line with all other SEPA members.
According to Jersey Finance, the amendment means banks and their customers can continue to benefit from fast, efficient cross-border euro payments with certain European countries as a member of SEPA.
Jersey first became a member of the SEPA in 2015, when legislation was passed enabling payments in euros to be made by Jersey banks direct to and from other member banks.
Last October, Jersey's Chief Minister lodged a change in regulation to update Jersey's law to be in line with all SEPA member countries, and those amendments – the EU Legislation (Payment Services - SEPA) (Amendment) (Jersey) Regulations 201 – came into force last Friday.
Jersey Finance CEO Geoff Cook commented: "Jersey has a positive role to play in Europe as a facilitator of cross-border financial services, not least in providing around €190bn of foreign investment into the EU each year.
"Our membership of the SEPA is important to our banking sector and their customers. These latest changes will help banking institutions here continue to provide efficient cross-border payments and support trade in our highly valued European market now and in the future, all within the robust SEPA framework."
• For detailed information on the regulations click here