Three in four senior treasury and finance professionals say that the single euro payments area (SEPA) has brought greater efficiency to the European payments industry.
This was the key finding of the ‘Treasury Verdict’ session taken by a live audience poll at EuroFinance’s 23rd conference on international cash and treasury management, held recently in Budapest, Hungary.
Three-quarters of the 328 treasury professionals polled said their European payments are more efficient post SEPA, which came into effect earlier this year. However, companies are having to dedicate increasing resources to dealing with regulatory compliance and 73% of treasury professionals expect to spend more time on compliance in 2015 than in 2014.
“After all the long and arduous challenges of the SEPA implementation process, it’s good to see corporates reaping the benefits,” said Katharine Morton, editorial director at EuroFinance. “This bodes well for European payments going forward, particularly as corporates are rolling out the benefits beyond their European operations.
“But elsewhere compliance is going to be even more time consuming going forward and treasuries are not getting additional resources to cope.”
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