WestLB Converts All Accounts to SEPA
Customers can already receive SEPA payment orders
Two months ahead of the official start of the Single Euro Payments Area (SEPA), WestLB AG has already converted all WestLB accounts to the new system. Beginning on January 28, 2008, customers will be able to have payments credited to their accounts in the SEPA format; the customary payment formats will also continue to apply. This service is free of charge for customers. Adjustments to the IT systems of companies are required in order to make transfers in the SEPA format in addition to receiving payments.
“We would like to assist our customers in preparing for the new payments age and ensure that conversion to SEPA goes as smoothly as possible,” said Steffen Kowalski, Head of Transaction Services at WestLB and a plenary member of the European Payments Council.
About SEPA
SEPA serves a market comprising over 61 billion transactions Europe-wide. The creation of the Single Euro Payments Area is part of the development and implementation of the single market in the European Union (EU). As the most important body of the European banking industry, the European Payments Council (EPC) has developed uniform pan-European products which will be available throughout the EU from January 28, 2008. As a first step, the standard payment transfer will be launched throughout Europe. This will be followed by a harmonisation of direct debit systems. The introduction of these products requires banks and customers to adopt fresh approaches both technologically and strategically.