NOT LONG AGO the Single Euro Payments Area (Sepa) was seen as the triumphant culmination of the introduction of the euro and the realization of a true single market. Now Sepa is regarded by many as a lame-duck initiative that has failed to deliver benefits for corporates and consumers and that has cost banks hundreds of millions of euros in wasted technology development and running costs.
Across transaction banking – now a core component of many banks’ business strategies following the financial crisis – there are murmurings of discontent.
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