Banks See Corporate Customers as Key to SEPA Success, According to End Date Survey
Clear2Pay, an international technology provider of next generation payment solutions for financial institutions, has announced the results of the Single Euro Payments Area (SEPA) Migration End Date Survey, executed in co-operation with Finextra. Survey respondents indicate that they believe that the competitive space for SEPA will be with their corporate customers – and that they (89%) need to offer those customers better solutions and services. Eight-seven percent of respondents also call for an increased and better representation of corporates in SEPA governance.
Other key findings include:
Ainsley Ward, head of management consulting at Clear2Pay, said: “This survey has confirmed a number of anecdotes, but has also thrown up a few interesting new ideas. It is clear that the focus in SEPA migration has, under the much desired pressure of the end date, moved from infrastructure readiness to a more customer-centric viewpoint. Banks are looking for ways to protect their volumes from risks that might arise by direct-connecting corporates or competitive banks that view SEPA as a relationship tool with their corporate clients and who actively pursue a growth strategy. Once the migration shake-down is behind us, those less adventurous banks will likely reconsider their future in the payments market.”