Deutsche Bank’s SEPA (Single Euro Payments Area) credentials will be in the spotlight at the forthcoming Eurofinance Conference in Monte Carlo between September 26-28.
Although this year’s conference will centre on three main themes - volatility, stability and agility, the key message from Deutsche Bank will be: “Think SEPA. Think Deutsche.”
Deutsche Bank will send a strong representation to Monte Carlo, arguably the most senior delegation the Bank has taken to Eurofinance - to help deliver this message. Andy Reid, Head of Trade & Cash Solutions, EMEA, explains: “It’s not just about telling our clients what they must do by February 2014, but also about the opportunities they can unlock as a result of SEPA. By doing that, we will position ourself as the dominant transaction bank in Europe and the ‘go-to’ house for SEPA preparation and solutions.”
This stance is part of an intense and widespread internal and external campaign around SEPA. With the end date for the decommissioning of local payment clearing systems of February 2014 now in everyone’s sights, GTB is underlining the criticality of good preparation into the new payment landscape.
GTB has published a new White Paper on the subject – SEPA: The countdown begins. Produced by Karsten Becker, Senior Product Manager for Corporate Payables & Receivables, the paper says time is up for corporates taking a “wait and see” approach to SEPA.
There has been much debate on the subject of SEPA. The initiative’s initial benefits and feasibility were all called into question but any uncertainties have now been quashed by the announcement of the end date for local clearing infrastructure.
By February 1, 2014, all corporates operating in the European Union (EU) and European Economic Area (EEA) must be using the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) instead of existing non-urgent mass credit transfers and direct debits. This will mark a significant step in the creation of a true European borderless payments landscape and provide corporates with an opportunity to rationalise, standardise and transform their banking models, and in doing so their banking relationships.
Deutsche Bank is well prepared for the migration. The Bank has been processing SEPA credit transfers and SEPA direct debits since the first day of each instrument’s introduction.
Investments have been made in new state-of-the-art SEPA processing engines and in connecting Deutsche Bank’s branches in the Eurozone, UK, Switzerland, Poland, Czech Republic and Hungary, thereby allowing clients to initiate and receive SEPA transactions from their existing accounts. Deutsche Bank was the first bank to announce domestic pricing for all bulk cross-border transactions within the SEPA area and has continued to be at the forefront of market developments since the introduction of the SEPA credit transfer in 2008.
This means Deutsche Bank has treated all SEPA-compliant transactions across EMEA as domestic transactions from the start. Format-conversion services have been offered since 2008 and we have facilitated clients’ SEPA migration for a number of years gaining significant expertise and market experience. Deutsche Bank has effectively shaped the market for the benefit of its clients. Now that the clock is ticking towards a more comprehensive SEPA migration deadline, clients need to Think SEPA. Think Deutsche.
To see the White Paper, SEPA: The countdown begins, click on the link below