Payments Market Focuses on SEPA Delivery in 2010
Voca has announced the results from its payments survey conducted at the international banking conference, SIBOS, last month. The Single European Payments Area’s (SEPA’s) role in uniting Europe and promoting its competitiveness were widely referenced by respondents who generally believed SEPA was inevitable and will bring significant benefits to banks and customers. Meanwhile, the role of regulation produced a consensus that the payments industry will deliver a better solution unregulated, and with some consolidation. As a result regulation was seen mainly as a tool to invoke only if delivery dates were seriously jeopardized. 67 per cent of respondents ranked the delivery of SEPA in 2010 as critical or very important. Delivery is the chief area of interest regarding SEPA for managers, followed by its integration and securing cost benefits. 21 per cent cited dealing with new regulation as their single biggest management challenge. Security, including business continuity and fraud prevention, achieved the highest ‘critical’ rating for a payments issue.