One question that comes to us continuously is how the payment system in Andorra is developing. This doubt is due to the fact that in Andorra we are outside the SEPA area and in general outside of everything, so, at the level of transfers, Paypal, TPVs, etc. is a bit more complicated than in other jurisdictions. So, with an eminently technological customer like ours, the questions about how the system of means of payment is advancing are not unusual.
It is progressing a lot, that is the short answer. We have gone from some transfers between countries of 2 days that cost money and very expensive transfers to Europe and with very variable terms to a system of 1 day for nationals and 2-5 anywhere with costs that can be left in the 0,1% in some cases.
Additionally, it is expected that by the end of the first semester of 2018 the directives that allow online payment systems such as Paypal will be introduced. At the end of the year it is expected that the application for admission to the SEPA is completed. That is to say, we have gone from the timid approaches of the end of August 2017 to the beginning of September to have a law in parliamentary procedure and a fixed deadline. We must bear in mind that things in Andorra require time, before the end of the first semester of 2019 we will have SEPA transfers. I think I'm going to cry for joy.
Basically this will increase our competitiveness and at the level of online trading that will be wonderful. It will integrate us more within the EU, allow the country's banks to operate comfortably with others in the union and, in general, facilitate all types of intra-community sales.
With the collapse of the system of banking secrecy, money laundering and other vices of the past, measures such as these are what help to create a more integrated Andorra and in general more modern and interesting for investors. Combining a moderate taxation with agile and technological banking is a very interesting idea for companies that have established themselves and will be established in the country.