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Crown dependencies look at joining SEPA

Wednesday, 9 June 2010 02:47

The Isle of Man could be on the verge of joining the Single Euro Payments Area.

The scheme allows payments in Euros, under a standard set of conditions, rights and obligations.

Jersey is currently considering joining, and its Financial Services Commission has published a consultation paper on the issue.

The Isle of Man and Guernsey are also reportedly examining the pros and cons.

Currently, the scheme covers the 27 EU members, as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco.

One major benefit would be standardised credit transfers or direct debits.

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