32% of corporates are still unsure what SEPA means for their business. This is what Logica concludes based on the research by representatives of over 150 firms in the United States and Europe. Given that corporates will have no choice but to adopt SEPA in the coming years, the results are concerning says Logica.
The initiative SEPA, “Single Euro Payments Area”, has the objective to implement one uniform payment market in European countries. By introducing SEPA, consumers in the Euro-zone with one account and one set of payment methods can equally likely transfer money to accounts in their own and other countries.
Implementing SEPA offers different large challenges for firms. Firstly, new processes and systems need to be designed and developed. In addition, the mindset of employees will need to change in order to ensure that the new way of working is anchored in the organization. 16% of respondents from the Logica survey indicate that SEPA leads to additional costs with little benefit in return.
According to Logica, companies can use the introduction of SEPA to their advantage. By looking ahead, corporates can centralize their wider payment and collection processes and infrastructure, leading to reduced risk and cost savings. For large corporates, it is an opportunity to move to a ‘payment factory model’. In the survey only 28% identified SEPA as an opportunity.