No longer just a possibility, it will soon be a requirement. A European regulation is establishing an internal market for payments in euros, to be in place by February 2014. It is essential for businesses to start mobilising now. Explanations.
SEPA: this is the name for the European system of payments in euros, which will soon replace all national systems currently in place. No way to escape it, even in the Principality: like the other four member-States of the European Free Trade Association (Liechtenstein, Iceland, Switzerland and Norway), Monaco is committed to abandoning its national payment systems by 1 February 2014. With the 27 countries of the European Union, SEPA will become the only euro payment system in 32 States. It will replace the existing ones, including even direct debits and transfers within a single country. The time is approaching: in order to convince businesses to get ready before time runs out, a conference was held on 21 September last, at the Rainier III Auditorium - an initiative of the Monaco Association of Financial Activities (AMAF).
General mobilisation
There were two experts on the rostrum: Olivier Bornecque, Honorary President of the French Association of Business Treasurers and member of the French National SEPA Committee; and Alexander Stervinou, representative of the Bank of France. Bank companies and public authorities: in Monaco, it is time for general mobilisation. Under the joint Presidency of AMAF and the Principality’s Government, the National Committee is particularly responsible for organising the transition to the new payment systems for businesses and services. For everything to be working perfectly on J-day, it is focusing on communications relating to SEPA. A website is available to all parties concerned (www.sepamonaco.gouv.mc). Any business that wants details on the day-to-day functioning of SEPA transfers and direct debits is also welcome to contact the Public Parking Service. As a pioneer in the field, that agency has already completed its transition to the new European direct debit system.
