Misys Banking Systems says that there is a decrease in the number of banks who are taking-up SWIFTSolutions. This is according to the results of its latest survey of plans and attitudes within banks around financial messaging and payments
When asked for the obstructions to adapting new SWIFTSolutions, 46 percent of respondents admitted that regulatory pressures, such as STEP2 and Target2 have shifted their focus. This coincides with the increase in awareness of SEPA and the regulatory changes in the payments world.
More banks this year identified SEPA as a catalyst for transforming their internal infrastructure for messaging processing to cope with SWIFTNet services and standards. Additionally, the survey found that almost two-thirds of respondents stated that they would not consider outsourcing payments processing, while a greater number of them have plans to invest in their messaging infrastructure.
“While the respondents understand the critical role that messaging infrastructure has within their business, the majority of them are not fully aware of how they can leverage it to realise the full potential of SEPA,” says Barry Kislingbury, the global product manager of financial messaging at Misys Banking Systems comments. “A large number of banks are putting off planning their activities around SEPA until they understand the implications better. We have found that while banks are aware that SEPA will affect them, the detail required to implement the requirements does not yet exist, so plans cannot be finalised. The first deadline of January 2008 is getting nearer and banks need to have their payments infrastructure ready in time.”
The survey, which canvassed opinions from 136 banks across the world, was conducted in August 2006 by Misys Banking Systems.