JPMorgan Treasury Services (TS) July 1, 2003 when the European Commission’s SEPA regulations also come into effect.
Richard Parkin, vice-president and senior product manager at JPMorgan TS, comments, “This is a significant step forward on the road to a single European payment zone. Ultimately, our vision is a pan-European ACH scheme that will support low value euro payments, at a low cost comparable with that of domestic mass payments today. Primarily this will be a mass payments system that can reach all EU banks. For EU-compliant cross-border payments, the new EBA STEP 2 system will become a key channel in 2003, enabling both customers and banks to benefit from this vision.”