"In it's sixth Sepa progress report, the ECB welcomes the effort made so far, but stresses that work 'urgently remains to be done' to ensure the success of the Europe-wide project."
You don't say? Is anyone surprised? Talk about stating the obvious...
With banks being bailed out and IT budgets across the board slashed beyond recognition, why would anybody expect financial institutions to pull out all the stops and invest in a scheme that does them no good whatsoever. How exactly is SEPA going to help
their bottom line?
Not surprisingly, many banks seem to be grudgingly doing the minimum required to meet the requirements of the Payments Service Directive (PSD). A few who are pressured by their corporate customers might do a little more, but it's early days yet - there's
still almost a year to go until PSD, so why rush with IT development!?
They hardly going to go the whole hog and put cold cash into ensuring the project's success, now are they?