27 May 2015

44975

Retired Member

905Posts 2,937,098Views 1,191Comments

Finextra@Sibos

The Finextra@Sibos community is open to all delegates and exhibitors at the annual financial markets conference organised by financial messaging network Swift.

What will it take to get to SEPA?

27 October 2010  |  3941 views  |  1

The challenges of regulation for SEPA were made clear in the "SEPA 2010" session at Sibos today when the European Commission declared that "moving from self-regulation to regulation is not a small step but a major challenge”. In a sense, that sentiment comes as no surprise at all, given how far we've already travelled down the road to SEPA.

The sad thing is that this Sibos session yet again showed how far we have yet to go. Communication around SEPA is seen to be key and needs to be stepped up dramatically. It is, however, being pitched as a shared responsibility. I was heartened though to learn that the intention of the EC is not to lead to a re-fragmentation of the market. 

Mind you, I can't help feeling that the SEPA initiative is a major project which still has no clear project manager. The benefits of SEPA will undoubtedly come - we just have to remain patient for a while longer.

 

Blog updated: 19 May 2015 10:50:23
TagsPaymentsSibos

Comments: (1)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 29 October, 2010, 13:43

SEPA for cross-border is fine. But, I hope regulators seriously rethink their plans to mandate SEPA for domestic payments. There's already talk of making UK's Faster Payments available on mobile phones in a simplified manner in which Immediate Mobile Payments can be made using just the mobile number of the beneficiary. In this day and age, isn't it a bit retrograde to ask consumers to move from the already tedious 10-12 digit account numbers and 6-8 digit sort codes to an even more cumbersome SEPA regime that asks them to enter 20+ character IBAN numbers and 8+ character BIC codes for domestic payments?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Retired

Banking on biometrics

17 May 2015  |  1505 views  |  1  |  Recommends 0 TagsSecurityInnovation

Flagging on the road to transparency

27 April 2015  |  3227 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Left in the dark

26 March 2015  |  2751 views  |  0  |  Recommends 1 TagsTrade executionRisk & regulation

Holding a steady course

12 March 2015  |  2623 views  |  0  |  Recommends 0 TagsTrade executionRisk & regulation

Analysis dialysis

24 February 2015  |  1588 views  |  0  |  Recommends 0 TagsRetail bankingInnovation

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Noel Peatfield
Karim Maalouf
Ketharaman Swaminathan
Sreeram Yegappan
AMIT GARG
Tony Wenzel
Melvin Haskins