No Brexit Charges! EPC secures UK’s SEPA status

The European Union’s ‘Payments Council’ – EPC, the overseeing body for consumer/business transactions related to banking and payments has confirmed that the UK will be allowed to maintain its position as a Single-Euro-Payments-Area (SEPA) member, regardless of the outcome of Brexit.

With just 20-days remaining for the UK government to negotiate its departure terms with the European Union, the EPC has declared that there will be no change in policy for handling UK €-related transactions between SEPA member states.

Founded in 2008, SEPA directives have been formed to ease cross-border payments, with a view of improving all-around single market business/consumer efficiencies and aligning Eurozone banking frameworks and instruments.

Updating the European business community, the EPC details that UK €-based transactions will still be subject to SEPA common rules and checks.

Treating the UK as a SEPA member post Brexit, the EPC underlines that UK € transactions or holdings cannot be treated any different by EU member states banking incumbents or regulatory authorities.  

“UK consumers and businesses will be able to make and receive payments in euros and hold bank accounts in the currency beyond 29 March.”

Updating UK payment incumbents, UK Finance Chief Executive Stephen Jones said: “Today’s decision ensures that in the event of a ‘no-deal’ Brexit, UK payment service providers will still be able to make and receive payments from other European countries that are part of SEPA.

“This is a positive outcome for the consumers and businesses on both sides of the Channel who rely on the SEPA schemes to make billions of euros worth of payments each year.”