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Single Euro Payment Area Deadline Confirmation Makes European Banks Attract Corporate Customers

The deadline for European banks to migrate to Single Euro Area Payment (Sepa) credit transfers and direct debits has been set for 1 February 2014. Consequently, banks are rapidly developing systems and services to attract corporate customers, as per the survey from Finextra and Clear2Pay. Taking into account views of 107 bankers across 27 countries, the survey notes that 96 percent have backed the deadline but are considerably uncertain and concerned about the project.

Ainsley Ward, Head of Management Consulting at Clear2Pay, remarks that the focus of banks in Sepa migration has currently moved from infrastructure readiness to a more customer-centric viewpoint and once the migration shake-down is over, less adventurous banks might reconsider their future in the payments market.

News Characteristics

Date : May 14, 2012
Region : Europe
Industry : Banking