woensdag 24 juli 2013

SEPA migration and the next 10 years of corporate payments

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AccessPay CEO and SEPA migration consultant Ali Moiyed has lost count of the number of times he’s been asked what the future holds for corporate payments.  In this Q&A he sheds light on what’s coming next and why SEPA migration is the logical future of Euro zone payments.

First things first, what is SEPA?

Many people find the whole issue of SEPA a little bit confusing, scary even, but really, it’s simple.

The Single Euro Payments Area (SEPA) scheme is a payments integration initiative managed by the EU. It’s designed to harmonize payment schemes across Europe and replace many of the current national credit transfer and direct debit schemes.

You can find out lots more about the finer points of SEPA migration within the SEPA resource section of the AccessPay website.

You talk a lot about SEPA being more about opportunities than obligation, what are some of those opportunities?

I certainly do focus on the opportunities of SEPA. This is because I speak to so many people who are so worried about the logistics of SEPA migration that they can’t see past the compliance issues and exploit the potential of the new payments scheme.

By creating a single harmonize payment scheme throughout Europe, all of us will benefit from one common payments standard. There will no longer be a need to run multiple bank accounts and you’ll be able to benefit from economies of scale to reduce the cost of transaction fees.

But the real opportunities lie in the ability to use SEPA migration as the catalyst for bringing a whole new level of visibility and agile management to your cash management systems and the opportunity to cost effectively extend your business into new territories and markets.

What’s your vision for the future of global payments and treasury systems?

If I had to compare what we’ve come from to what we’re moving towards, I’d offer up a mental picture of a CFO. Historically, he was chained to his desk, painstakingly searching through manually created spreadsheets and approving payments via a long winded series of authorizations, all of which could only be carried out on a single computer that often broke down, required an expensive upgrade or simply didn’t do what the job required.

In future, that same CFO will be able to work from anywhere in the world, setting up, monitoring and approving payments remotely using the mobile web. The data and information he needs to work effectively will be available at the touch of a button and all of his reports will operate in real-time.

As a result, he’ll become a trusted, go-to source of business intelligence who shapes strategy.

Oh, and all of this will be much cheaper than before, because people have been paying too much for too long when it comes to payments and treasury services.

Does SEPA have a role to play in making that vision a reality?

Of course, it’s the first step that many corporates will take on the road to a more efficient future.

So what do corporates need to do now to begin SEPA migration?

The deadline is fast approaching. Talk to a SEPA consultant like AccessPay now to understand the implications – and opportunities – for your business before it’s too late.

Bron: Accesspay UK

 
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