ABN AMRO Makes SEPA Announcements at Sibos
At a breakfast session on Tuesday, 2 October, ABN AMRO, Capgemini and the European Financial Management and Marketing Association presented the World Payments Report 2007. The report, now in its third year, considers world payment trends, with a particular emphasis on developments towards a single euro payments area (SEPA) in Europe. A key finding of the report is that regulators will need to provide incentives to ensure European public administrations and corporations adopt the new SEPA instruments. ABN AMRO has also demonstrated its commitment to SEPA compliance by signing the SEPA adherence agreement at a ceremony that took place at the stand for the European Central Bank. The bank has also converted legacy payments to SEPA XML. Financial institutions may deliver payment instructions to ABN AMRO via ABN AMRO’s AccessDirect, SWIFT FIN or FileAct in either legacy or SEPA-compliant (FileAct XML) formats. Instructions received in legacy formats can be converted to SEPA XML formats for onward routing through SEPA compliant clearing and settlement mechanisms. Similar options are available for corporate clients based in 17 European countries who wish to make euro payments. Corporates may also deliver instructions to ABN AMRO in Edifact format, easing transition to the new message types.