Many treasurers will read another article about SEPA and wonder “why do we need to be told so many times?” The reason is that not everyone has heard, and even fewer have listened.
How exactly should treasurers and finance managers be focusing their attention during the final few months before the SEPA migration end date in February 2014? The Editor interviews Simon Jones.
Banks such as Societe Generale have a major role to play in facilitating the upcoming SEPA transformation; however, the bank is also undertaking an internal transformation which will enhance its ability to meet the pan-European needs of its customers.
The use of direct debits is a fundamental part of UTA's business model, and a uniform B2B direct debit scheme across the entire SEPA area will open up brand new opportunities for the company.
Given the looming deadline and lack of ‘plan B’ from the regulators, some companies – especially those that operate cross-border or have many operational entities and/or rely on in-house build solutions – may find themselves short of time.
One of the most significant areas of potential benefit for SEPA is centralisation of payments and collections - including payments-on-behalf-of (POBO) and collections-on-behalf-of (COBO).
SEPA migration is an urgent, challenging and substantial undertaking - every project will entail different challenges, impact a large number of shareholders, and time is flying by rapidly.