13 February 2016

EBAday: Sepa vision blighted without corporate input

05 June 2007  |  5652 views  |  0 EBA day speaker

The European quest to create a true single payments area will not be achieved unless the banking industry looks beyond short-term compliance requirements and takes a strategic perspective that incorporates the views of all stakeholders, including corporates, delegates attending the EBAday payments conference in Rome have been told.

The call to widen the debate about the future direction of payments services provision across Europe was led by Mark Garvin, chief administrative officer of JPMorgan Chase in a set piece speech to EBAday delegates. He pointed to the birth of the UK’s payments council as a possible model for future best practice, in which the voices of business representatives, consumers and regulators are heard alongside those of banks.

Urging the top tier European banks to take the lead and show the way, he noted that the European Payments Council, the banking community’s decision-making and co-ordination body for Sepa, is already working to include a place at the top table for corporate treasury input and suggested that the Euro Banking Association should do likewise.

“Without effective governance, Sepa may reach the markets but no-one will realise the full benefits,” he warned.

Garvin's words will have played well with Gianfranco Tabasso, chairman of the European Association of Corporate Treasurers. Invited to the conference to give the corporate perspective at a session the previous day, he had complained that the banking industry was failing to commmunicate effectively with clients about the transposition of the Sepa rulebook at national level. Member states seemed ready to adopt their own distinct take on the implementation of the Sepa scheme, he opined, effectively creating a multitude of new interface requirements for corporates transacting across Europe.

His concerns were touched on by Werner Steinmuller, head of global transaction banking at Deutsche Bank, who opened Tuesday morning's conference by urging banks to take a long-term strategic perspective in their Sepa implementation programmes. He called on delegates to go beyond tick-box compliance and to look on the creation of Sepa as a once-in-a-lifetime opportunity for Europe to lead the industry forward and protect the payments’ franchise from emerging competition.

To achieve this, Europe’s banks need to work together and adopt a joined-up approach. “To make Sepa a European tool...we have to avoid single country solutions," he stated.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

04 June, 2007
25 May, 2007
19 April, 2007
19 April, 2007
18 April, 2007
27 February, 2007
08 January, 2007
11 October, 2006
09 October, 2006
15 September, 2006
13 September, 2006

Related company news


Related company information

JPMorgan Chase

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
15735 views comments | 100 tweets | 89 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
8688 views comments | 29 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
8270 views comments | 35 tweets | 9 linkedin
Is Paym a failure?Is Paym a failure?
6958 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6389 views comments | 17 tweets | 28 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job