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May 14, 2009

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neil burton

Does Fusty Bank have, or seek to have, customers who have family, assets or business relationships beyond the borders of their home country? The World Bank reports that remittances out of the UK are $4.6bn p.a., which is unsurprising - and that remittances into the UK amount to $7bn p.a., which is rather more food for thought, or perhaps deposits to drive liquidity. The BBC reported in ‘06 that about 1 in 10 Brits elects to live overseas. Savills reported in '08 that there are 425000 UK-owned properties overseas. A favourite topic for UK retirees abroad seems to be the reliability of their pension payments (but maybe that's because the weather is too boring to be top of the list). Annual imports to UK amount to about $250bn, a fair proportion of which must be to and from SMEs, who need much the same payments services as P2P. Whether or not joining the Euro makes sense, it makes no sense to ignore cross-border payments because they are less than 2% of the total by volume. That statistic underplays their economic importance. If we go back to what SEPA was supposed to address, i.e. the Lisbon Agenda – it benefits us all if we make it happen. SEPA is predominantly about linking bank back offices, significant benefits from which are only likely to be realised when those back offices are made totally efficient. SEPA is not the only way to address international payments, and its scope is only Eurozone, where established private sector payments services have global reach and are consistently delivering STP rates above 99%. Perhaps Fusty Bank might want to think about adopting one of these models, and hence leveraging its brand name.

Frank Moerdijk

Would be very interesting to compare STP, related actual cost and fees in Eurozone and non-Eurozone countries for cross border payments.

Phonecalls, in majority, have been 100% STP for more then 100 years; an interesting objective for international payments?

Peter Cremona

Of course the landing on the moon by the Americans is subject to a conspiracy theory that this was all make belief. Can we have a make belief SEPA. Who is going to know? Definitley not the corporates as no one told them about it in the first place!

Chris Skinner

@Neil - agreed

@Frank - I've not got a lot of info that is up-to-date on x-border fees. Will incorporate in the summer study of PSD/SEPA.

@Peter - was that a shadow I saw behind Neil Armstrong? and yes, make x-border payments free to appear compliant, but ramp up charges elsewhere (interchange ... kerching!).

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