SEPA is affecting payment systems and payments world-wide, particularly in the surrounding countries who have intensive trade relationships with the eurozone who are embracing the new international payment standard:

• in countries like Poland, the Czech Republic and Hungary, SEPA allows them to transfer money to the eurozone faster and cheaper than is currently possible. Hungary, for example, is even using the XML standard to harmonise their domestic payment structure, because there is a lot of trade between these countries and the eurozone
• Poland, for example, has adopted the Dutch settlement rules. This means that companies are able to deliver transactions twice or three times per day, and they will be processed the same day. (The harmonisation of the standard is resulting in improvements in the payment system across Europe, not just in the SEPA region. (Russia is looking at adopting SEPA standards.)
• banks and companies in the off-shore centres, such as Bermuda, are looking at how to make and receive SEPA payments; in Australia and China companies are having to do the same; etc., etc.

SEPA's impact is global. A sea change is happening to payment systems and standards. In 2023, we will look back and realise that SEPA was the catalytic event that moved the world to ISO 20022 standards and the rationalisation of payment systems right around the world.