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SEPA Progress

The October 2011 European Payments Council newsletter revealed that according to the European Central Bank analysis:

  • SEPA Credit Transfers had a 20% of all credit transfers generated by bank customers in August 2011
  • 3,441 Payment Service Providers have signed up for the SEPA Direct Debit B2B scheme and 3,921 PSPs for the SDD Core Scheme
  • SDDs had only 0.13% share of all direct debits in August 2011.

Slow progress, but a gtnews survey in October 2011 of 350 companies showed that 22% are already using SCTs for more than half their payments, and 24% no longer use domestic transfers. SCT is experiencing high growth rates from a low base. The real growth will only come when the public sector in the eurozone migrate to SEPA payments, apparently there is significant progress over the last 8 months.

But the real issue is whether a deadline will be set for migration to SEPA, the newsheet was not clear when, if ever, there will be a deadline set. The ECB and the European Commission have other things on their mind at present.

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