SEPA: Will European Businesses Be Ready for the Transformation?
(See the PYMNTS.com press release here.)
Steria, a leading provider of IT-driven business services, in partnership with Edgar, Dunn & Company, an international strategy consultancy specialized in payments, have published a report about SEPA. The report, mainly focused on SEPA Direct Debit, is based on a phone survey of 300 businesses in France, Germany and the UK completed by market research company CSA. Edgar, Dunn & Company has also completed more than 15 in-depth interviews among large corporates and payments experts in Europe.
Steria and Edgar, Dunn & Company have structured this paper to provide stakeholders with a better understanding of key aspects related to SEPA Direct Debit: the awareness of SEPA, the impact of and the migration status to SEPA Direct Debit, and the way businesses will migrate to SEPA Direct Debit.
A majority of surveyed businesses are aware of SEPA, but most do not have a full understanding of SEPA and its consequences. More than one business out of five issuing direct debits are not even aware of SEPA Direct Debit. A thorough assessment of SEPA Direct Debit’s impact should not only identify required IT changes but also help to re-design cash management processes. SEPA is indeed an opportunity to consider the consolidation of banking relationships across multiple countries, create synergies (e.g. through the creation of a European structure to collect payments across multiple countries) and optimize cash management systems and processes.
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