The European Payments Council Board has accepted an application which will enable UK Payment Service Providers to continue in the Single Euro Payment Area (SEPA) schemes.
UK Finance made the application which will let the PSPs operate in SEPA after 29 March in the event of a no-deal Brexit.
UK Finance chief executive Stephen Jones said, “The European Payments Council (EPC) Board’s vote in favour of the UK’s continued participation in the Single Euro Payment Area (SEPA) is an important milestone. 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 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. We now look forward to continuing to engage closely with our partners in Europe on improving the payment experience for customers and businesses alike.”
With the Brexit deadline looming, eventualities are beginning to take shape in the event of a no-deal. Earlier this week, the Bank of England and FCA formed a MoU with European Insurance and Occupational Pensions Authority (EIOPA) and EU insurance supervisors.
Its deal is aimed to support a close cooperation within the EU and UK within the insurance sector.
Last week, working with law firm Linklaters, UK Finance launched a digital guide to the legal, regulatory and other expectations for firms and the individuals in the banking and finance space, and the ethical principles in which they conduct business.
Its goal is not to set new standards of interpret those of others but provide an overview and support with obligations. With each case, the firm addresses and offers insight on why a particular issue needs to be considered.
Copyright © 2019 FinTech Global
