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Eurowallet: Slovak banking sector preparing to join SEPA project

The National Bank of Slovakia (NBS) said on May 1 that the Slovak banking sector is preparing to bring itself in line with the Single Euro Payments Area (SEPA) so that it can provide the single payment tools that are available via this project. The SEPA project was introduced in the 15 countries of the Eurozone in late January. Slovakia plans to adopt the euro as of January 1, 2009, the TASR wrote. The controlling body for the introduction of SEPA in Slovakia is the SEPA Committee, which is made up of the representatives of the NBS, the Finance Ministry, the Slovak Banking Association, commercial banks, the State Treasury, and representatives of the Slovak Post Office, employers and consumers. The basic document for the implementation of SEPA payment tools in Slovakia is called the Framework Implementation Plan - the Introduction of SEPA in Slovakia. SEPA is an area in which consumers, companies and another organisations will be able to send and receive payments in euros from one country to another under the same basic conditions, rights, and obligations that apply to domestic payments, regardless of which states are concerned. Bank clients will therefore have the option of making cashless payments across the Eurozone as quickly, safely and simply as domestic payments.

The National Bank of Slovakia (NBS) said on May 1 that the Slovak banking sector is preparing to bring itself in line with the Single Euro Payments Area (SEPA) so that it can provide the single payment tools that are available via this project. The SEPA project was introduced in the 15 countries of the Eurozone in late January. Slovakia plans to adopt the euro as of January 1, 2009, the TASR wrote.

The controlling body for the introduction of SEPA in Slovakia is the SEPA Committee, which is made up of the representatives of the NBS, the Finance Ministry, the Slovak Banking Association, commercial banks, the State Treasury, and representatives of the Slovak Post Office, employers and consumers. The basic document for the implementation of SEPA payment tools in Slovakia is called the Framework Implementation Plan - the Introduction of SEPA in Slovakia.

SEPA is an area in which consumers, companies and another organisations will be able to send and receive payments in euros from one country to another under the same basic conditions, rights, and obligations that apply to domestic payments, regardless of which states are concerned. Bank clients will therefore have the option of making cashless payments across the Eurozone as quickly, safely and simply as domestic payments.

SEPA is billed as representing another big step towards European integration and the utilisation of the European single market's potential. TASR

b>Compiled by Zuzana Vilikovská from press reports
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