SEPA is also seen as the key enabler to achieve broader commercial harmonization within the Eurozone, leading to increased cross-border movement of goods and services.

To achieve this goal, the EPC has created the SEPA Credit Transfer (SCT), which was launched in January 2008, and the SEPA Direct Debit (SDD), which was launched on November 2, 2009.

SEPA Credit Transfer and SEPA Direct Debit will transform the EU payments/collections landscape and bring about a number of advantages. The harmonization of instruments, formats and rules for national and Pan-European payments/collections provides opportunities to consolidate payment/collection accounts in one country. Furthermore, with defined execution timelines/due dates and certainty on expected payment amounts (full amount credited to beneficiary - no deductions), cash flow and liquidity planning can be significantly improved.

At the same time, however, the SEPA implementation will also require certain adaptations of processes and infrastructures. In this respect, Deutsche Bank supports its clients throughout the entire process to ensure the smoothest possible migration. In addition, we are driving the SEPA creation and implementation process by proactively participating in a number of EPC working groups and making sure that the interests of our clients are heard.