This was not the case for banks, which, as payment service providers, have been preparing for some time for the establishment of a single euro payments area, known as the SEPA project (Single Euro Payments Area).
This regulation establishes how transfers and direct debits in euros are to be carried out within the EU. As it is a regulation, it is directly applicable to banks and other payment service providers, as well as to customers. The regulation provides for an adaptation period ending on February 1, 2014.
