Crown Dependencies Join Single Euro Payment Area

The islands of Jersey, Guernsey, and the Isle of Man (known as ’British Crown Dependencies’) will become, as from 1 May 2016, part of the geographical scope of the Single Euro Payments Area (SEPA) schemes. SEPA is an initiative of the European banking industry that is intended to make all electronic payments in euros across the EU, including by credit card, debit card, bank transfer or direct debit, as easy as for domestic payments. 

 

Jersey’s Assistant Chief Minister, Senator Philip Ozouf said “Today’s announcement by the European Payments Council is extremely positive news. It gives banks in Jersey the opportunity to join the SEPA direct debit and credit transfer schemes and offer customers the benefits that these secure and efficient schemes provide for payments in euros.

 

The Assistant Chief Minister went on to say “As many of our largest banks have operations in more than one of the three islands, it is important that Jersey, Guernsey and the Isle of Man are joining SEPA together. Our inclusion in the geographical scope of SEPA reflects the fruits of well-coordinated work by industry, government and regulators in the three jurisdictions, in conjunction with our offices in Brussels. I would also like to express our appreciation for the excellent working relations we have established with the European Payments Council and also for the support we have received from Payments UK.”

 

 

Sources: European Payments Council and the Government of Jersey