21 July 2009
End users of payment systems in Europe, including corporate treasurers, are concerned that the new Single Euro Payments Area (SEPA) Direct Debit will prove unpopular unless steps are taken to reflect more fully user needs. The attached announcement from the Payment Systems End User Committee explains.
SEPA has the capacity to improve the efficiency and competitiveness of making electronic payments across Europe, and especially the SEPA Direct Debit which will introduce a new cross border payment method. At present companies can make arrangements to access the domestic direct debits country by country, so a precondition for switching to the SEPA Direct Debit is that the service available matches or will exceed the existing schemes.
This significant grouping of end users says
SEPA risks failure unless corrections are made.
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