UK:
BREXIT: SEPA - A Successful Transition
21 March 2019
Hogan Lovells
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The European Payments Council Board has announced that it has
approved the application from UK Finance for the continued
participation of UK payment service providers in the SEPA schemes
after 29 March 2019 in the event of a no-deal Brexit.
The amending statutory instrument for the Payment Services
Regulations 2017 had been drafted in anticipation of continued SEPA
membership with the execution times for Euro payments remaining at
D+1. This approach can now be adopted in the event of a no-deal
exit.
UK Finance have commented:
“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 the consumers and
businesses on both sides of the Channel who rely on the SEPA scheme
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.”
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