In 2002 the Eurosystem agreed on a cooperation model with the European Payments Council (EPC) to create a Single Euro Payments Area (SEPA). The objective of the SEPA is to enable cross-border payments to be made from a single bank account throughout the Euro area as easily and safely as domestic payments can be made. The recommendation is that SEPA for citizens should be achieved by as early as 2008 by offering citizens and commercial enterprises the chance to use pan-European payment instruments…