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29 October 2009

Deutsche Bank: 10 Imperatives for SEPA Migration and Completion

DB outlines the pre-conditions that must be met to achieve full SEPA realisation, for instance, complete migration of credit transfers and direct debits to the SEPA schemes. DB asks all stakeholders to assess the impact of end-dates on their business

At the beginning of 2007 Deutsche Bank (DB) published for the first time “10 Imperatives for SEPA Start and Success” focusing on the readiness of a pan-European SEPA clearing infrastructure, reachability of banks and technical preparations for the SEPA start in January 2008.

DB’s 10 Imperatives for SEPA Migration and Completion are:
1.    DB asks the European Commission to come forward with a legislative proposal for setting a definite migration end-date. This would provide planning certainty for all parties and avoid redundant costs for the maintenance of dual infrastructures and processes. The end-date should be determined and communicated during the first quarter of 2010.
2.    DB encourages all stakeholders to assess the impact of end-dates on their businesses and processes and to develop migration plans accordingly.
3.    DB acknowledges the diversity of payment practices in different countries. However, it asks for implementation of the SEPA schemes with the set of agreed common features to avoid a proliferation of scheme features and the loss of uniformity.
4.    DB sees the creation of SEPA as an evolutionary process and therefore encourages ongoing enhancements through a robust change release mechanism, provided that they do not jeopardize agreed core elements of the SEPA schemes.
5.    DB urges the national regulators to enable the transition of direct debit mandates to avoid an unacceptable burden for the users of direct debits.
6.    DB requests an accelerated take-up of SEPA by the public sector. As a driver of the project and one of the major users of payment services, the public sector should use SEPA instruments as soon as possible to achieve critical mass.
7.    DB asks for renewed political support for the SEPA project, not only by European authorities, but also by national governments and regulators, promoting a fast and orderly changeover to SEPA in all countries.
8.    DB encourages those financial institutions that have not yet adhered to the SEPA Credit Transfer scheme to do so at short notice. This avoids costly manual reachability processes by SEPA participants which exacerbate when volumes take-up.
9.    DB urges all Member States to transpose the Payment Services Directive in time for the launch of the SEPA Direct Debit and for Regulators to address any delays.
10. DB calls on the banking industry and the authorities to step up communication efforts to increase SEPA awareness with the end users of the schemes.

© Deutsche Bank

Documents associated with this article

200910 DB_ 10 Imperatives for SEPA Migration and Completion Brussels final[1].pdf

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