More than half of corporates yet to start SEPA compliance

SEPA deadline fast-approaching

EuroFinance research claims 52% of corporates in the SEPA zone have yet to start their SEPA project, with almost a quarter of them not investigating the issue.

In a survey sponsored by Deutsche Bank, the results reveal uncertainty about the requirements for payments to be SEPA compliant by the February 2014 deadline. 31% of professionals working in treasury and finance inside the SEPA zone admit to not knowing what exactly will be required of their respective corporations.

Katharine Morton, Director of Programming at EuroFinance is concerned: “February 2014 is worryingly close. It’s interesting to see how few companies even inside the Eurozone have got their SEPA compliance plans actually in action, and of those, how many are simply going for the basics.”

Andrew Reid, Head of Trade & Cash Solutions EMEA at Deutsche Bank said: “In our experience, clients fall into two categories: those who are actively looking to maximise the benefits of SEPA, and those who have yet to finalise migration plans despite the looming deadline. For this latter – and sizeable – community, the clock is ticking louder than ever, and they must really act now, if they are to reach SEPA compliance at a minimum without incurring undue cost and complexity.” 

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