08 February 2011
Is SEPA happening and does it matter?
A panel discussion with:
Fred Bar, Director, Vocalink
Ruth Wandhofer, Head of EMEA transaction services, Citibank
Simon Bailey, Director, Logica
Paul Smee, Chief Executive, the Payments Council
Started in 2002, in response to the Lisbon Agenda and Regulations on fees for cross-border cash withdrawals, the Single Euro Payment Area (SEPA) has been in the planning for a long time. In fact, it has been discussed for so long by so many that, for a lot of people, it’s become as dull as dishwater. This view may be wrong though as we now have an end-date ... well ... maybe. The European Commission announced that SEPA instruments would be mandatory from one year after the legislation is ratified for credit transfers and two years for direct debits.
So all is good is it not? Or maybe it is not as, according to the survey the Financial Services Club performed during the Autumn, most nations and most banks believe the program has fallen off the rails.
What is the truth? Is SEPA here? Even if it is, does it actually matter?
To find out the truth, the Financial Services Club has gathered some of Europe’s most preeminent commentators and activists in the SEPA discussion to provide insight and understanding.