BUSINESS IN SHORT

Bank payments streamlined

DOMESTIC payments and automatic payments will be replaced by the Single Euro Payments Area (SEPA) system as of February 1, 2014 in Slovak banks, the SITA newswire reported.

DOMESTIC payments and automatic payments will be replaced by the Single Euro Payments Area (SEPA) system as of February 1, 2014 in Slovak banks, the SITA newswire reported.

SEPA is a common area of 32 European countries in which consumers and companies will be able to send and receive payments in euros under the same conditions as domestic payments within their country, SITA wrote.

The initiative by the European Commission aims to remove differences, because despite the existence of the single European currency the payments system remains fragmented.

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