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Pressure mounts on banks for faster delivery of Sepa – report

Europe's corporate treasurers are among those pressing the region's banks to accelerate the development of the single European payments area, or Sepa, according to a trade report.

Finextra reports that corporate treasury representatives are gathering at a special conference in Brussels to discuss how best to drive the EU-devised project forward.

With many of the legal wrangles hindering the take-off of Sepa now resolved, the treasury community – represented at the conference by the treasury standards body Twist – is looking for problems of implementation to be overcome too. In particular, banks need to ensure that portability of accounts across Europe becomes a reality, and that consumers have transparent access to any payment processor continent-wide.

Corporations will invest in new payment solutions if it enhances efficiencies and improves their controls. There are services available in different parts of Europe that can provide the right solution if offered in an open market. So the solution for Sepa implementation is to provide customers with free and easy access to the payment services of their choice, Tom Buschman, chairman of Twist, was quoted as saying.