2014: a year in data – SEPA
Self-Explanatory Poll Answer
For years, discussion in the transaction services industry has tended to default to the impending introduction of the Single Euro Payments Area, or Sepa. This year, it finally came into force, albeit after a last minute delay. The start date was pushed back from February 1 to August 1, because of concerns about the slow pace of corporate migration. Just how slow became apparent in October, two months after the implementation date. Of almost 6,000 corporates surveyed by Euromoney, around one-quarter said they were not yet Sepa compliant. Perhaps more worrying still, close to 40% did not know if they were compliant or not. Perhaps another delay would have been in order?
There is much discussion around moving towards a standardized form of banking, but who is setting the standard?
September 2014 euromoney.com
It is not common to hear about the positive side of financial market regulation. But corporate treasurers are finding ways to turn the new rules to their advantage.
What does it take to succeed in the increasingly competitive world of transaction services? Internal collaboration, global footprint, adaptability, connectivity and mobile technology all make up part of the equation. But every bank, and every client, is different.
Corporate treasurers are looking for the simple life, and having more efficient systems in place can bring its own financial rewards – but despite some advances, there is still a long way to go.
The extended deadline for Sepa is fast approaching and, despite initial fears, corporates are set to meet it – but this is the first step in creating an efficient single European payments framework. Debate about Sepa 2.0 is now in full swing.