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Brexit and payments between the EU and the UK

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The European Payments Council (EPC) has published a position paper on the implications of Brexit for payments between the European Union and the United Kingdom.

Two separate puzzle pieces with the British and EU flag represent the separation between the United Kingdom and the European Union.

The EPC does not expect any changes to SEPA payments—payments in euros—with the UK until the end of March 2019. Whether much will change after that, and what those changes may be, depends on the final agreements reached between the UK and the EU.

In two of the three scenarios outlined by the EPC, little will change. SEPA payments between the EU and the UK will then most likely be comparable to SEPA payments between the EU and countries such as Switzerland or Norway. Like the UK after Brexit, these are non-EU SEPA countries with their own currencies. Euro payments between the EU and these SEPA countries are processed smoothly and efficiently.

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