After the crash, here comes CASH
Credit crunch sparks flight to quality in liquidity management
Citi: focused on service delivery
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"We believe that Sepa is a significant opportunity for the bank to increase its share of a client’s wallet and ultimately to win new clients" |
In addition, there has long been a perception among companies that Sepa is principally a concern for banks or, at best, simply a compliance issue. Meanwhile, banks, although eager to be seen to be leading Sepa initiatives, have been reticent about what the payments system will mean for their product offerings. Now Sepa – or at least parts of it – is about to become a reality, with the credit transfer scheme launching on January 28, 2008 and the direct debit scheme a year later. With this in mind, banks have finally begun to reveal the approaches they are adopting.
It is becoming apparent that different banks are placing different emphases on Sepa. For some European banks, Sepa is viewed as being of strategic importance to their future in cash management, although necessarily they are taking different approaches to its implementation.