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Early adopters on the demand side confirm that timely migration to the new SEPA payment schemes and technical standards is manageable and feasible. They also demonstrate that migration to SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) leads to significant benefits. There is no doubt that the scope of change required to ensure SEPA compliance is extensive, but it does pay off.
Full compliance will lead to more streamlined internal processes, lower IT costs, reduced costs based on bank charges, a consolidated number of bank accounts and cash management systems, and more efficiency and integration of an organisation’s payment business.
EU law effectively mandates migration to SCT and SDD by 1 February 2014 in the euro area. Businesses and public administrations that fully reaped the advantages offered by the SEPA Schemes and technical standards emphasise that compliance is just the first step; organisations can then focus on generating the efficiencies.