Single Euro Payments Area (SEPA) – Challenge and Opportunity
The Single Euro Payments Area (SEPA) offers banks the unique opportunity to align their payment transactions to the future while at the same time generating new profit potentials and further intensifying customer relations.
In the medium term, the European SEPA payment process and its products will replace the diverse domestic payment systems in 27 countries by standardised payment tools. The current differences in the individual countries will then be history. At the same time, the infrastructures and the fees of the domestic and international payment transactions will be harmonised.
It is expected that SEPA will save the European economy between € 50bn and € 100bn per year, as businesses and government agencies can make payments and collections within Europe more efficiently via one single Euro account.
SEPA will bring major changes to banks and industry. Each bank offering payment transaction services in Euro currency (i.e., not only the banks within the Euro zone) will have to comply with and apply the standard SEPA regulatory framework of the EPC.
All banks recognising the massive potential of SEPA for their customers can significantly profit from an early provision of SEPA products.
Banks responding actively and innovatively to SEPA can significantly increase their earnings potential by selling SEPA products and services while tapping new markets and soliciting new customers in Europe. At the same time, the efficiency and profitability of the rationalised payment systems can be significantly increased by harmonisation of payment processes.
To be successful in a competitive environment with reduced margins, banks will have to quickly respond to the SEPA challenge. Let CSC take you to the future of payment transactions with the PTS/BULK solution and convince yourself of the PTS/BULK business benefits.
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