SEPA AND PSD - Join the survey
For the second year, Logica and the Financial Services Club ran a survey of payments professionals worldwide to see how successful the implementation of the Payment Services Directive (PSD) and Single Euro Payments Area (SEPA) have been since the PSD transposition in November 2009 and implementation of SEPA’s full program of Credit Transfers (SCTs) and Direct Debits (SDDs) at that time.
This year’s survey was completed by over 320 people covering all of the Eurozone and more. Representatives of 42 nations took part during the summer of 2010.
Facts and figures:
- 52% think the European Union (EU) while stay together, whilst 24% think it will fail.
- 30% believe the euro is critical to keeping the EU together, compared to just 18% a year earlier.
- 78% state that the Eurozone will continue to expand across more countries and become a successful reserve currency alongside the US dollar.
- Most people (57%) say the PSD transposition process has been unsuccessful, with 51 percent of bank respondents and 36 percent of non-banks believe that derogations actively hindered the transposition.
- 68% believe there will be a PSD Mark II to replace the deficiencies of the first.
- 54% say that SEPA is not succeeding compared to only 24% who think it is.
Nick Ford, Global Consulting Payments lead at Logica, says that: “The survey results show that a majority of executives think that an integrated payments market is very important or even critical to Europe’s future. However, many are still unsure of the benefits of SEPA/PSD and think that the banks could do more to improve this position. I am convinced that with the right focus and an effective payments strategy, banks can welcome SEPA and other regulations. There is a huge opportunity here for banks to improve and further tailor their services to clients, obviously keeping in mind the significant challenges and changes that it brings. Smart players in the industry will proactively address these challenges head on to create business opportunities that will help them differentiate and lead in the payments market.”
We are happy to discuss the full survey report with you to see how you can benefit from the developments in the SEPA and PSD regulations.
Contact Nick Ford.
Logica
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