European corporates continue to underestimate the work involved in complying with new single euro payments area (SEPA) regulations, which become mandatory on 1 February 2014. With the deadline fast approaching, an interactive webinar and survey jointly presented by cloud-based software supplier AccessPay, SWIFT and sharedservicelink.com suggests that most European firms face a lot of hard work to complete their migration on time.
According to AccessPay, major findings of its interactive survey include:
- Forty-one per cent of survey respondents are yet to really make a start with SEPA migration.
- Only 2% of participants claimed to be fully migrated.
- Two in five corporates claim to do equal amounts of local and cross border payments, underlining the potential benefits of SEPA.
The online poll was conducted on 30 January and the 200 participants included chief financial officers (CFOs), finance directors (FDs), analysts and finance managers in France, Germany, Italy, Spain, the UK, the Netherlands, Belgium, Poland, Finland and Sweden. AccessPay said that the companies represented ranged from mid-sized businesses to Fotunre 500 companies; “all of which have some sort of operations in the EU and will be affected by SEPA.”
Ali Moiyed, chief executive officer (CEO) at AccessPay, commented: “SEPA offers many benefits for corporates – not simply through payment harmonisation, but by facilitating lower transaction costs, simplified banking and the chance to cost-effectively target new territories; but reaping those benefits depends on a robust and timely SEPA migration plan.”
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.