The European Payments Council has warned the European Commission not to abuse its executive powers and take on a standards-setting role in the push to create a Single Euro Payments Area (Sepa), arguing that banks must retain their primacy in the development of payment systems.
I take it the lack of comment is a sign that people are over exposed to SEPA; it’s certainly been a long time coming. For us the level of interest from our users remains low, even with the threat of mandatory dates. So I can understand why the EU is pushing
the EPC. Whilst I do not want people from the EU developing standards, claiming they would be less efficient at managing the implementation is an interesting view considering we are 10 years into the project, and it might take another 25 years to become a
reality! Initially the world was watching Europe, seeing SEPA as an economic threat. An efficient Europe would make us more competitive globally, now, sadly I have to say SEPA is not seen as any sort of threat.
© Finextra Research 2013