What is the problem? Need for Pan-European credit transfers and direct debits

A fully implemented Single European Payment Area (SEPA) could generate net benefits of € 123 billion over six years for the market as a whole. Pan-European payment instruments, such as SEPA credit transfers and direct debits, will reduce the costs of payments, increase competition and make cross-border payments as easy as domestic ones.

…. and to ensure eInvoicing savings

Replacing regular paper invoices by e-invoices across the EU could lead to roughly € 240 billion in savings over a six-year period, according to studies. With these savings in mind, the Commission wants e-invoicing to become the predominant method of invoicing in Europe.

Why is EU action needed? To drive the process and increase uptake

The Commission took three key steps in this process in December 2010.

For SEPA, it adopted 16 December, a proposal for a Regulation setting EU-wide end-dates for the migration of old national credit transfers and direct debits to pan-European SEPA instruments. .

For eInvoicing, on 2 December it presented a set of tangible actions to make the uptake of e-invoices in Europe easier and established a European multi-stakeholder forum on e-Invoicing.

What will the Commission do?

In 2011:

• The Commission proposal on SEPA will be negotiated in Council and Parliament. Once the Regulation has been adopted by both institutions, the Commission will thoroughly monitor its proper implementation.
• Implementation of actions in the e-invoicing Communication and monitoring implementation of the actions of other stakeholders.
• June : first meeting of the European multi-stakeholder forum

Contact:

ken.ducatel@ec.europa.eu