Knowing the diverse terms of payment in use today, this will inevitably force the banking industry to improve their operations. This development will also benefit all companies involved with Europe-wide trade. Banks have committed themselves to creating the single euro payments area, SEPA through their cooperation forum the EPC (European Payments Council). This development should result in an integrated euro payments market.
Work on the definition of common payment instruments is in progress, but the infrastructure for handling them is still obscure. Different levels of ICT usage in Europe and different traditions cause controversies in this SEPA work. The only option for Europe is to succeed in creating such an internal payments infrastructure that benefits the end customer and enhances economic growth.