VocaLink Survey Finds Over One-third of Corporates Have No Experience of SEPA
VocaLink has published research showing that, eight months after the introduction of the single euro payments area (SEPA), more than three out of 10 businesses have had no experience of it. SEPA came into effect in January 2008 and SEPA Credit Transfers have been processed since the first day. Yet the survey of corporate treasurers found that 35% have had no experience of SEPA. The next stage in the evolution of SEPA is the introduction of SEPA Direct Debit (SDD) but the survey also shows that 36% of corporate treasurers do not expect to implement SDD until 2011 or later. Only 28% of respondents expect to use SDD by the end of 2009. Other findings of the research reveal that corporate treasurers want more real-time payment information, which in turn leads to more comprehensive reporting and reconciliation, and consider a single bank relationship as being most beneficial for their business. The survey ‘Meeting the transaction needs of corporates’ was conducted in June 2008 by gtnews.com and commissioned by VocaLink. 77% of the respondents are in executive or management positions, and the largest response came from corporates with revenues over US$1bn.