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A recent amendment to banking regulations in Jersey will mean banks and their customers can continue to benefit from fast and efficient cross-border payments with certain European countries as a member of the Single European Payments Area (SEPA).
Jersey first became a member of the SEPA in 2015, when legislation was passed enabling payments in Euros to be made by Jersey banks direct to and from other member banks.
Last October, Jersey’s Chief Minister lodged a change in regulation to update Jersey’s law to be in line with all SEPA member countries, and those amendments, known as the ‘EU Legislation (Payment Services – SEPA) (Amendment) (Jersey) Regulations 201’, came into force last week (18th January 2018).
Geoff Cook, CEO, Jersey Finance, said: “Jersey has a positive role to play in Europe as a facilitator of cross-border financial services, not least in providing around €190bn of foreign investment into the EU each year.
“Our membership of the SEPA is really important to our banking sector and their customers. These latest changes will help banking institutions here continue to provide efficient cross-border payments and support trade in our highly valued European market now and in the future, all within the robust SEPA framework.”
Detailed information on the specific regulations are available at http://www.statesassembly.gov.je/assemblypropositions/2017/p.99-2017.pdf .
