Hong Kong, Hong Kong (PressExposure) July 23, 2009 -- /1888PressRelease/ Zetland Corporate Services, a leading global business consultancy service, sees the SEPA system as a boon not just to IBCs in EU member states, but to corporate offshore banking and offshore business in general.
SEPA refers to the Single Euro Payments Area, a system which will effectively erase banking and economic borders for companies moving money around the EU.
SEPA will impact all banks in: â¢ The 27 EU member states â¢ The European Economic Area countries - Liechtenstein, Iceland and Norway â¢ Switzerland â¢ Monaco
SEPA benefits first began being introduced in January 2008, with the rollout of the SEPA credit transfer. SEPA Direct Debit will be introduced in November 2009, and electronic debit cards will be available before 2011.
"SEPA wonât only make corporate offshore banking easier within Europe, but across the entire world. Any transaction with any of the EU member states or the additional SEPA states will be greatly simplified", said Jason Weatherhead of Zetland Corporate Services.
SEPA's benefits include: â¢ Lower banking charges across Europe â¢ Better payment automation â¢ Streamlined account structures â¢ Usage of one common format, single file for payments and receivals
"The simplification reduces barriers to international trade in general, and makes offshore bank account opening a less daunting and more attractive prospect", Mr. Weatherhead continued.