EuroEconomica, Vol 29, No 3 (2011)

Abstract

Traditionally, cross-border payment flows are processed through payment institutions which are mainly commercial banks or through bank correspondent, either through national or international payment systems, these payment systems representing the networks through which the bank institutions are interconnected. Once the transition to the single currency euro, the European Union is facing a new challenge, namely that of creating an integrated market for payment services, in conditions of effective competition and where there is no distinction between cross-border and national payments in euro, challenge which will be overcome by adopting the SEPA project.