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Tag archive: XML

Trends in Payment Fraud

SEPA, e-commerce, mobile payments and bitcoins are just a few of the many shifts and innovations that dominate the payments industry. Whenever new technologies and practices evolve, there is an ongoing battle between organisations working to adapt the new reality and criminals trying to take advantage of early adaptors who are paving the way. To […]

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; […]

The effects of SEPA exceed the eurozone

Anyone who thinks that the impact of SEPA is limited to eurozone, should think again. In fact, it is the surrounding countries who have intensive trade relationships with the eurozone who are welcoming the new international payment standard. Organisations and consumers in countries like Poland, the Czech Republic and Hungary are already convinced of SEPA’s […]

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 […]

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 […]

XML: the key ingredient for truly standardised SEPA data formats

Ruth Wandhöfer is Head of Regulatory & Market Strategy at Citi Transaction Services. In this blog post she discusses how local variations in SEPA data formats form a threat to market harmonisation. The major barrier preventing SEPA from becoming a reality lies in the different data formats that are in place to process payments across […]