According to IBEC, the organisation that represents Irish business, 42% of companies have not even begun their preparations for SEPA, which has a mandatory deadline of 1 February 2014. In addition, 49% are not aware of the impact that SEPA will have on their system and processes.
SEPA is a pan-European initiative which aims to create a single market for euro payments, in which cross-border payments can be made easily and efficiently as they are within nations. According to estimations, SEPA could save up to USD160 billion within six years of migration, benefitting clients, banks and businesses.
The study also revealed that one in three have discussed SEPA with their bank, and just over one in four (27%) have discussed SEPA with a software provider.
Surrey-based SmartDebit hold a particular interest in the SEPA Direct Debit scheme, which will allow regular businesses-to-business collections across Europe. A spokesperson commented on the findings, “The survey of Irish firm mirrors that of a recent report regarding levels of awareness and activity with regard to SEPA amongst UK businesses; it needs to improve. To consolidate banking practices across multiple countries and optimise cash management systems and processes presents a great opportunity for businesses trading, or looking to trade, across Europe. The migration deadline is fast approaching. We urge all businesses in Ireland who have a vested interest in SEPA to make real progress over the next 10 months”.
SmartDebit anticipate their SEPA Direct Debit scheme developments to be completed by Q4 2013.
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