Tag archive: SEPA

SEPA saves billions for banks and businesses

In light of the postponement of the SEPA deadline and the required amendments to the systems, the costs of SEPA have been an important focus lately. However, a recent report written by PwC’s Corporate Treasury Services offers an alternative. According to the results of their research SEPA is able to reduce annual costs by 21.9 […]

Cards Standardisation Volume and SEPA Rulebooks receive small updates

Version 7.0 of the SEPA Cards Standardisation Volume is ready for market implementation. The European Payments Council (EPC) and the Cards Stakeholders Group (CSG) published the latest version last month. These new versions are the result of public consultation on version 6.5 in June 2013, where the CSG received more than 2,000 comments from market participants. According to the […]

Analysis: ‘SEPA: better late than never?’

This blog post is written by freelance consultant Edith Rigler. She has over 25 years experience in senior positions at global banks.  About three weeks before the so-called SEPA end date (1st February 2014) a 6-month extension of this end date has been proposed. Seldom has a payments topic caused such attention in the media […]

E-mandates in the era of SEPA

E-commerce continues to grow and with the introduction of SEPA customers can buy and pay for products throughout the entire SEPA zone. The payment method for online shopping is Direct Debit, which is easy to use and cost-effective. Mandates for these direct debits have been widely used, but were limited to national payments. With the […]

European Parliament approves transition period of six months

European Commissioner Michel Barnier is pleased that on February 4th 2014 the European Parliament has approved his proposal that allows non SEPA compliant payments to continue for a limited period of time, until August 1st  2014, in parallel with SEPA compliant payments. In a press release he states that the adoption of the proposal ensures the […]

Sticking to the deadline

As could be expected, the proposal of the European Commission to extend the transition period of SEPA with six months has fueled the debate all across Europe. The European Payments Council (EPC) issued a press release in which all parties involved are advised to proceed as usual and stick to the deadline of February 1: […]

The end of the beginning for SEPA

This article has been published in the magazine Future Banking, a print version of the website Banking Gateway. Karin Flinspach, EMEA Head Payments and Receivables at Citi, and Equens CEO Michael Steinbach elaborate on the migration process to SEPA.  With fixed dates for SEPA migration and compliance, the European Parliament has created clarity, a sense of […]

Frequently Asked SEPA Questions

With only several weeks to go before the Single Euro Payments Area (SEPA) switchover deadline, most of the companies and institutions in the participating countries are aware that there is no turning back. However, this does not mean that all preparations have been fully completed and that all involved parties are ready yet. Despite freely […]

Initial experiences of SNS Bank with CPS: easy to use and moderately optimistic

Equens Corporate Payment Services (CPS) has been up and running since the beginning of 2013 and has already processed a large number of transactions. SNS Bank has been using CPS for six months and still has relatively little experience with it. “The majority of contracts have been entered in the system, but so far few […]

Waivers to smoothen SEPA migration

The end date is in sight, Single Euro Payments Area (SEPA) will become reality on February 1st 2014. Every country in the SEPA zone has to be ready by then, because the introduction won’t be postponed. Some national banks have indicated that they need more time to implement some parts of SEPA. However, the SEPA […]