Corporates Slow to Make SEPA Transition
Half a year after the introduction of the single euro payments area (SEPA), companies have been slow to adopt the new processes and formats. This was the finding of a survey undertaken by Dresdner Kleinwort in May 2008 among companies with a turnover of €50m or more. Only around 4% of companies said they had adopted SEPA and the new processes for both their incoming and outgoing payments. Most companies – around two-thirds – are not yet using SEPA at all. It is mostly those companies with a global reach or whose activities are mainly domestic, with less than 10,000 payment transactions per year or a turnover of under €100m that are taking longer to make the transition. They believe the costs are not justified by the gains. Only slightly over 20% of companies were considering implementing the new formats and processes within the next six months. Half were only planning to adopt SEPA when this becomes a legal requirement. Despite this, over two thirds of businesses recognised in principle the long-term advantages a single payments area offers. In the case of those actively using SEPA that figure stood at 85%.