BRUSSELS, Nov. 3 (Xinhua) -- The European Commission, the European Union's executive arm, has invited comments on one of its working document that aims to provide further guidance to participants in the SEPA Direct Debit plan.

    That is to ensure that collective financing arrangements applied within the plan comply with EC Treaty competition rules.

    "SEPA should bring real benefits to European consumers and businesses, but it is important that it complies with the competition rules so that the full benefits can be achieved without adverse effects on banks' customers," said Competition Commissioner Neelie Kroes.

    The commission's working document focuses on general principles concerning multilateral interchange fee arrangements applied on a per transaction basis and concerning transactions that cannot be properly executed.

    The SEPA Direct Debit plan, launched by the European Payments Council on Nov. 2, allows consumers and businesses, for the first time, to use a pan-European system for cross-border direct debit transactions.