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Jersey Acts To Ensure Speedy Cross-Border Payments

by Amanda Banks, Lowtax.net, London
22 January, 2018

Jersey Finance, the island's financial services promotion agency, says an October 2017 amendment to bring the island's banking regulations into line with the requirements of the Single European Payments Area (SEPA) is now in force.

Jersey joined the SEPA in 2015, and its membership allows the island's banks and their customers to benefit from fast and efficient cross-border payments with European Union countries.

Geoff Cook, CEO of 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 EUR190bn (USD233bn) 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."

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