B.I.S.S. Research analysis done during a research study carried out between April and September 2007, indicates that SEPA has very serious failings, which undermine its potential.
“SEPA is a vitally important project for the payments industry and the overall redefining of the European financial markets. It is surprising that in the few months before implementation begins that corporates and banks alike, have so many misgivings and concerns,” says Gary Wright, CEO, B.I.S.S.
B.I.S.S. Research carried out interviews with a number of banks and corporations, as well as some software companies, and found that the SEPA design and implementation project has many flaws that will limit the scale of use. Most of the problems allegedly stem from limited consultations with the corporate sector.
The whitepaper details the many concerns from banks and corporations in the design, describes the problems and proposes solutions offered by the market.
The conclusion of the whitepaper is that the European Commission needs to be more inclusive of market users as well as the banks when new financial directives are created. This should restrict the number of problems the market has and enable faster, cheaper and easier implementation.