French Banks pull out of SEPA
17 December 2008
On 26th Nov, Reuters reported that the French Banking Federation (FBF), acting on behalf of its 450 members have suspended participation in the SEPA project.
The issue which directly gave rise to this impasse is related to the interchange arrangements for processing cards. Interchange is an inter-bank charge which arises in many situations where two or more banks are involved in a transaction.