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December 01, 2011

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neil burton

Well, hey, someone better.

When I last checked, there were 159 newly authorised PIs, and 770 newly registered PIs, in the UK alone. Which is about 90% of all new PIs in Europe. Some of them have brought new business models to the market. OK, that was driven by the PSD, but would we have had the PSD had there not been SEPA? And if the debate was about innovation, there is much more to be proud of. Some credit is due to DFID and Vodafone for the startup stage of the much-vaunted M-Pesa.

The way to look at SEPA is the job's now half done (and deserves credit for achieving that). The last thing we should be doing just now is declaring it ended. Having fixed the plumbing, let's get to work on e-invoicing and reconciling receivables with invoices and providing corporate treasurers with accurate realtime information on balances held across multiple banks and enabling our SMEs to export more effectively ....a myriad of well known business problems. Anyone interested in renaming it the 'start-date?'

 Chris SkInner

Sorry Neil but just to be clear, PIs have nothing to do with SEPA but are a reflection of the changes introduced by the PSD,
Chris

neil burton

Chris - Entirely agree - indeed said so. Any support out there for the glass half full side of the house?

Harri Rantanen

Hello Chris,

Being (still) an EUR-optimist I can recognize the pressure on the market towards EUR-community and SEPA too. I’ve though always said that what ever currency we use in Europe per country or as a community the ideology of common payment processing infrastructure and use of common ISO20022 standard still is the key thing. We loose by default against other large economic areas if we’ll continue using approximately 250 payment types within European countries for such a simple thing as credit transfer and direct debits are. SEPA development main achievement has been the platform (clearing and settlement mechanism) based on same standard that also corporate end-users are using for payment and direct debit initiations and soon also completing the chain with similar standard reporting. We are close to full STP in transaction detail delivery from one Payment Service User to another in SEPA. We need now more community initiatives where infrastructure development will be more harmonised in the future.

And I hope that the common EUR-currency will survive (but not willing here to discuss too much on the political aspects).

Lorenzo

The article underlines the need for Sepa migration end-dates. The imposition of (an) end-date(s) will be the beginning of the second and most important phase of the Sepa project. Without end-dates, the legacy domestic payment schemes will remain dominant.
With respect to the Euro itself, that will not implode. The current crisis is less chaotic and more orchestrated than people might think. Maybe there will be one or two Euro exits (Greece, Portugal,...), but the Euro itself will not cease to exist.

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