Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
27th March 2012
SWIFT guide on moving to Sepa
SWIFT has produced a practical summary guide for banks and other payments organisations converting to Sepa payment. After many years of confusion and delay the migration end date has been set as 1st Feb 2014. SWIFT acknowledge that in some areas there is still a lack of clarity but stress that this cannot be used as a reason to do nothing as the deadline is now less than two years away.
The document could be used either as an initial starting point if an institution has down nothing or as an independent checklist for those already more advanced in their planning. SWIFT indirectly raise the question as to whether it may be appropriate for some organisations to outsource all or part of their current payment traffic.
"The time has come to take concrete actions to achieve SEPA compliance," says Marc Pomes Bordedebat, senior market manager payments, EMEA at Swift.
"Swift can help market participants analyse their payments traffic across all of their banking communication channels to identify what they will need to migrate, and by when. Based on this, we can then assist with building a roadmap for migration, give recommendations on priorities and help customers reconsider their clearing strategy," he said.
The paper can be downloaded at: