SEPA Vision

[FarmerBoy]

SEPA Vision

The Single Euro Payments Area or SEPA will be the area where citizens, companies and other economic actors will be able to make and receive payments in euro, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their location.

Single Euro Payments Area (SEPA) becomes a reality, i.e. when individuals and corporations are able to make cashless payments throughout the euro area from a single payment account anywhere in the euro area using a single set of payment instruments as easily, efficiently and safely as they can make them today at the national level.

Public authorities and central banks, should be organised in January 2008 to mark the official start of SEPA and to capture the broad attention of the general public.

To achieve the target of a critical mass of SEPA transactions by the end of 2010, the support of the heaviest users of payments services, e.g. public administrations, is vital.

All Christians should pray about this. The bible tells us that the ones coming out of the great tribulations will have to face a tough decision.

Links for the above quotes are found here.
http://www.europeanpaymentscouncil.eu/knowledge_bank_list.cfm?documents_category=1

http://www.europeanpaymentscouncil.eu/knowledge_bank_list.cfm?documents_category=2

[Carpenter's Daughter]

Can you explain SEPA a little more for me? Is it talking about moving towards a one world currency? Are we looking at something that will be akin to the RFID chip?

[HisAlways]

All Christians should pray about this. The bible tells us that the ones coming out of the great tribulations will have to face a tough decision. Could you explain this statement? :)

[FarmerBoy]

Can you explain SEPA a little more for me? Is it talking about moving towards a one world currency? Are we looking at something that will be akin to the RFID chip?

It is talking about moving towards a one electronic currency for the 27 countries in the EU by then end of 2010. I do suspect that after that time it will be required thought the world because of the economic crises going on now.

The technology the EU will be using during this time is the Chip and Pin. It is the best security for that payment scheme. This Chip and Pin will replace the old national payment schemes. (Cash and Coins). Time will tell about RFID. Here are some quotes from EU’s European Payments Council website.

Chip: an integrated circuit (or “chip”) embedded within a card and which is able to process transactions. Chip cards contain memory and optional logic capabilities and, apart from offering payment functions, are able to provide additional card functions (such as electronic purse facilities) and improved security (by means of secure card authentication).

Card acceptance will be extended, enabling domestic only payment brands to be supported by all terminals across the EU. In addition, all SEPA approved cards must be chip based (ie. the magnetic stripe will not be SEPA compliant) and will be authenticated using PIN rather than signature, improving POS throughput and significantly reducing cardholder fraud.

http://www.europeanpaymentscouncil.eu/

[FarmerBoy]

Could you explain this statement? :)

In the last days, the Christians that are coming out of the great tribulation will be confronted with a mark that without it one could not buy or sale. This is only possible in our current global economic infrastructure. That is why we should pray and tell all Christians about this advancing cashless technology.