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Tag archive: SCT

Payment service users confirm: SEPA migration is manageable, feasible and beneficial

Javier Santamaría is the chairman of the European Payments Council (EPC), which supports and promotes the creation of the Single Euro Payments Area (SEPA). As requested by the EU authorities, the EPC developed, in close dialogue with the customer community, the SEPA Credit Transfer (SCT) and SEPA Direct Debit Schemes (SDD), which help to realize the integrated Euro payments market. Just […]

Red lights for Estonia and Germany SEPA migration

Results in the recently published qualitative SEPA indicators for the second quarter of 2013 report show several countries significantly struggling in SEPA migration. The European Central Bank examined various countries to assess SEPA progress by stakeholder groups on a country level. The corporate sector in Germany might not complete migration to SEPA Direct Debit (SDD) […]

Standardization: What does ISO 20022 mean?

The European payments area will be standardized; from February 1st 2014 on this will be known as SEPA. From this date on the current paying methods in 33 countries are not operational anymore. This means that the participating countries have a lot of catching up to do in transforming the current structures into SEPA structures; […]

‘Awareness does not necessarily mean preparedness’

In an article on GTNews.com, a website for news on global treasury and finance, Javier Santamaría, chairman of the European Payments Council, wrote that organisations should avoid bottlenecks and get ready for SEPA now. According to the chairman there is still a worrying lack of recognition among some companies, seen in the many calls to […]

A historical SEPA milestone for the Netherlands

The SEPA migration in the Netherlands has reached a historical milestone in the month of June, only eight months short of the deadline on February 1st, 2014. For the first time ever, more SEPA transactions were processed than traditional payment transactions. The total volume on June 20th was more than 5,5 million SEPA transactions and […]

SEPA in the international media: a round up

In April 2013, 41,79 per cent of the total volume of credit transfers (CT) were SEPA credit transfers (SCT). The European Central Bank recently published the national SDD and SCT migration indicators. These numbers show that there’s a big difference between the various euro countries when it comes to migration to SEPA. To monitor the […]

Finland: “Full SEPA benefits can only be gained when the migration has been fully completed” (part 2)

In a previous blog post Marianne Palva, Senior Advisor in the Financial Stability Department at the Bank of Finland, explained why Finland was an early SEPA adaptor. Since 2011 the nation is 100 per cent SEPA Credit Transfer (SCT) proof. In this post, Marianne Palva explains the role of the different stakeholders in the migration […]

SEPA traffic lights are not green yet

‘Unacceptable’. There, the word is out. The European Central Bank (ECB) has started using fiercer language to pinpoint the worrisome adoption rate of SEPA Direct Debit (SDD). According to Banking Technology the ECB is especially concerned that the lack of preparation will damage the reputation of the SEPA scheme: ‘Given the popularity of legacy direct […]

ECB: Financial turmoil is temporary, SEPA is here to stay

This is the second part of two articles in which Wiebe Ruttenberg, Head of Market Integration Division at the European Central Bank (ECB), is interviewed regarding the role of the ECB in the transition to SEPA. Ruttenberg believes that the current economic climate has had its effect on the preparation pace. “Especially from a bank’s […]

Milestone for Equens: one billion SEPA transactions processed

Equens, the largest pan-European payment processor, reached the magical number of one billion SEPA transactions last week. This is a very impressive number and one that we are very proud of, here at Equens. However, this volume also shows that the market is not yet fully prepared for the transition to SEPA. With the deadline […]