Market insatiability will not derail SEPA

publication date: Oct 29, 2008

This is what was the defiant sentiment underlined by the Chairman of SIA-SSB during the third edition of the recent International Payments Summit “DO YOU SEPA?” The picture that emerged from the summit, held in Milan this October and organized by the SIA-SSB Group, was that nine months on from its launch, the European payments system presents a situation that is not wholly in line with expectations. The demand from businesses and consumers for more efficient services, both in terms of technology and prices, does still not seem to be adequately met by the new payment instruments available.
 “Among the reasons for this delay”- said Carlo Tresoldi, (PICTURED) SIA-SSB Chairman - “there is above all the perception that the diversified offer, which still includes pre-SEPA payment instruments, could represent an economic advantage for the financial operator. To this is added a European regulatory framework that is not totally clear: the completion of the PSD (Payment Service Directive), expected for November 2009, will in fact give Member States flexibility in adapting their national legislations to the Directive. Despite the efforts of the European Commission to arrive at adoption with a high degree of uniformity, there is the risk of at least partially inhomogeneous situations emerging. The condition of equal opportunities for all European citizens depends on the homogeneity of the services at their disposal, which in turn is closely tied to the uniformity of the regulatory context,” concluded. Tresoldi. “If Europe’s competitiveness depends largely on the degree of economic integration, then today SEPA is more than ever a crucial opportunity for the old continent”.