SEPA - the 4C Plan for after February 1st, 2014
by Kylene Casanova
After things have settled down after 1st February 2014, and your collections and payments are compliant and running smoothly (it will take a while), what do you do next to fully exploit the strategic opportunities presented by SEPA? Ideas from Eurofinance Barcelona included developing a step-by-step 4C Plan to:
- centralised your payments and collections wherever possible into a single Shared Service Centre
- continue to standardise and adopt the ISO 20022 XML standards and move to e-mandates when and where you can
- consolidate bank accounts and bank relationships, aiming for the nirvana of one or two across the SEPA region
- control improvements need to include more cash visibility, removal of local units control over the payment and collection process.
SEPA is a revolution about to happen.
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