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Tag archive: SEPA

The second migration report reveals disturbing SEPA migration statistics

Compared to the situation described in the first SEPA migration report, there is now a greater and faster migration from legacy credit transfers to SEPA Credit Transfers (SCTs) in most countries. This is one finding of the second SEPA migration report that has been published by the European Central Bank (ECB). On the flipside, the […]

The unique SEPA position of Switzerland

Switzerland has a very special position in Europe. The country is not a member of the European Union (EU), but is relying heavily on trade with the rest of Europe. In this blog, Zeno Bauer, Manager Product Management Payments at the Zürcher Kantonalbank, elaborates on the payments structure in Switzerland in relation to the rest […]

Principalities and microstates in the SEPA zone

The purpose of SEPA is to achieve the integration of the euro payment market. The SEPA vision was set by EU governments in the Lisbon Agenda (March 2000), which aims to make the EU more dynamic and competitive. The SEPA area currently consists of the 28 EU member states (including the 17 euro countries), four […]

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 […]

SEPA ready? Now what’s next?

The February 1st 2014 deadline for migration to SEPA is fixed. However, this doesn’t mean that after this date companies can lean back and leave all payment issues as they are. On the contrary, rules for payments are about to change fundamentally. Standardisation in payments means that there will be no differences between the various […]

PwC: ‘Debating the rationale of SEPA is no longer opportune’

One in three organisations runs the risk of being too late with its preparations for SEPA. This is one of the key findings of a current research by PwC. “It worries us that almost half of the surveyed organisations claim not having a ‘plan B’ in place,” said to Bas Rebel, Senior Director at PwC […]

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) […]

‘Germany risks temporary liquidity squeeze’

It is no secret that Germany is Europe’s largest economy. What most people are unaware of is that the country accounts for almost three quarters (!) of the 18 trillion euros that are collected via European direct debits annually. With this in mind, the words from Carl-Ludwig Thiele, board member of the German Bundesbank, may […]

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; […]

Ireland struggles with SEPA

One third of Chief Financial Officers in Ireland is struggling with SEPA. That’s the outcome of a PwC survey in June 2013 with over 140 Irish CFOs. John Perry, the Irish Minister of Small Business, is also cautious about SEPA. He is quoted in the article “SMEs need to start SEPA preparations now” on the […]