In Europe, with the aim of maximizing the benefits stemming from the single currency, a project is underway in order to achieve financial EDI, including the adoption of the XML format as a standardized data format. This is a grand project that has been worked on by stakeholders for more than 10 years.
An important milestone has been reached today with the launch of “SEPA Credit Transfer”. We are now able to send euro payments quickly, and in the same way, to any beneficiary in Europe. This will be followed by “SEPA Direct Debit” before the end of 2009.