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Payments unaffected by Brexit result

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The Dutch Payments Association does not expect the Brexit result to affect the operation of payments to and from the United Kingdom in the short term. First, the UK must formally notify the EU of its decision to withdraw. Under the Treaty of Lisbon, this will be followed by a negotiating period of up to two years to agree the terms of separation.

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

The UK is not part of the euro area and belongs to the Single Euro Payments Area (SEPA), which consists of the EU countries plus the countries in the European Economic Area (Iceland, Liechtenstein and Norway) and Switzerland. Depending on the outcome of the negotiations, the UK may remain part of SEPA after leaving the EU. The European Banking Authority (EBA), however, will have to move from London to a capital in the EU.

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