At its inaugural meeting on 7th June, the Members of the SEPA Council stressed their strong support for the establishment of end-date(s) for migration to SEPA Credit Transfers and SEPA Direct Debits by means of legislation at EU level and welcome the intention of the European Commission to come forward with a legislative proposal in close cooperation with the European Central Bank.

The Single Euro Payments Area (SEPA) should aim at providing European citizens and businesses with low cost, user-friendly, and reliable payment services.