Dresdner Kleinwort, the investment bank of Dresdner Bank AG, is the first European bank to connect to the new cross border payment transaction platform of the European Banking Association (EBA), compliant with SEPA standards. The initial test phase of the EBA platform is planned in order to adapt cross-border payment transactions in the Eurozone to the improved conditions of SEPA at the beginning of 2008. Dresdner Kleinwort considers the standardisation of European payment transactions as an opportunity for its clients and therefore supports the SEPA initiative. By signing up to this programme as a pro-active participant, it hopes to help create the conditions for the pre-testing. In the next pilot phase further banks will be involved in the testing. As of January 2008 the SEPA requirements will be mandatory in the Eurozone. As a result, the period of money-transfers will be shortened from three days to one day in the SEPA zone, by 2012.
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