SEPA, Euro, Shared Services, Transformation
Euro and cross border payments drive banking transformation
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SEPA, 'Single European Payment Area', is a political effort to harmonize all payment systems within Europe. As a result the European banking landscape will face huge challenges in their payments businesses for the years to come.
Apart from the huge operational challenge, banks will have to reconsider their positioning. Payments in Europe will become a 'commodity' and banks will compete to become shared service centers for others. Near banks will do the same. Competition will be fierce and the real challenge will be differentiation. New payments, different channels, new parties will shake up the EU market. Consumers will face new obstacles in processing but also efficiencies. Sepa will become a true driver for change in the financial services sector.
SEPA represents possibly the biggest transformation of the European retail payments landscape ever. Banks are under a lot of pressure from the European Commission and the European Central Bank to transform payments and clearing infrastructures to make sure customers can get the same level of products, services and prices for cross-border as for domestic payments.
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