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Most of Europe will soon take another step toward making it a unified economic power. Starting Jan. 1, 2008, the first stages of SEPA, or the Single Euro Payments Area, will take effect. When it is fully implemented by the end of 2012 by both the banking and business sectors, it will make cross-border payments within the European Union (EU) as seamless and inexpensive as those between states in the U.S. "It's really Europe becoming the U.S. of Europe," said Richard Davies, director global payments, Logica CMG.
The ramifications of SEPA also permeate beyond European borders, as it will require adjustments by corporations that make payments into SEPA-compliant ...