Getting the timing right for a SEPA end date
Many people I have spoken to in the industry believe that finally, in 2010, we will see the announcement of an end date for SEPA. It is something many of us have been calling for, and now it looks like it might happen soon, so I can't help but wonder what the impact will be.
Obviously a lot depends on what the end date actually is (or, horror of horrors, more than one end date) - hopefully it will be far enough away to give banks time to implement systems that will give them long term strategic benefits, rather than just again having to quickly 'make do and mend' with their existing systems; but not so far away that banks don't have any impetus to start their SEPA projects and the benefits are in turn delayed. For the banks, having a deadline, almost irrespective of what that deadline is, helps those individuals whose job it is to drive these projects forward. It is much easier to explain internally the benefits of a project if it is also a regulatory imperative. And certainly the vendor community is largely ready - I can obviously only speak for my company, ACI, but we are ready, willing and able to support fully those banks who wish to move now to secure those strategic benefits of SEPA. There's really little excuse for bank tardiness.
Once the end date is announced, I'm sure we will start to see a number of banks take another close look at SEPA - what they have achieved so far and what is still to be done - and many will in turn start (or speed up) internal projects towards full compliance. But I hope the pressure isn't on the banks to move too quickly, because those that ultimately take their time to get it right may well be the ones who benefit more in the long term.
Product Marketing Manager
Related Blog Posts
Beyond Borders: Navigating the Challenges of eCommerce Expansion
eCommerce continues to flourish, with impressive growth figures year after year. In 2018, global online sales reached almost $3 trillion, and are expected to hit $4 trillion by the end of 2020.
Despite eCommerce taking an increasing slice of the retail pie (which could now be as high as 15 percent according to recent figures), it is increasingly challenging, with competition and cost pressures creating significant issues for merchants of all sizes.
Payments and Fraud: The Paradox Twins
Digital commerce through web and mobile is where merchants predominantly experience shopper growth today. This has become a hugely important domain for their focus. It offers a means for international growth, new market penetration and a way to engage with shopper-hungry Millennials in their culture. Merchants frequently adopt a Digital-First, eCommerce-First or Mobile-First strategy to ensure full corporate buy-in to this strategy.
Open Payments Systems for Merchants: Don't Close Down Your Options
Remember “Open Systems”?
It was a big industry nom du jour in the 80s and 90s. Every IT system had to be open and therefore flexible and future-proof. Nobody can argue with the logic behind this; making systems easy to integrate with other systems, ensuring vendors could cooperate with one another; creating agility to improve time to market and drive down costs.
Knowing New Customers – And How Shared Data Helps in Fighting Fraud
As the eCommerce industry continues its rapid growth, the lines between physical and digital shopping are becoming increasingly blurred. These changes are creating a number of challenges for merchants, not least around customer visibility and fraud prevention.
Why Non-Functional Requirements Should be a Few of Your Favorite Things
It’s not unusual for me to be questioned by retailers as to why some payment solutions are priced differently or more expensively than others – in fact, it would be unusual not to be asked those questions when dealing daily with procurement and finance teams of major multi-national multi-channel merchants!
Adding a Global Payments Layer for Future Growth
Digitization has changed the payments industry completely and irrevocably. Cash payments are in full retreat, as more people pay digitally – with more than 1.6 billion people now shopping online. The digital customer expects an extremely fast and convenient payment experience, with high security standards, and immediate availability of payments information.
Major League Baseball’s Tampa Bay Rays Tell Cash, “You’re Out!”
As a lifelong baseball fan and former resident of Tampa, Florida, I had the pleasure of spending a summer night or three at Tropicana Field, watching my beloved New York Yankees take on the hometown Tampa Bay Rays. And as a fan of cheap tickets, air conditioning in the Florida summer and plenty of great seats, I always enjoyed the “The Trop” despite its poor reputation.
Let’s Get Phygital: eCommerce Is Coming To A Store Near You
While payments vendors continue to pitch and strategize with a focus on omnichannel, the omnichannel story has already moved on.
Make no mistake – omnichannel remains important and the best vendors have solutions that provide a single cloud payments service capable of delivering a single view of the customer across stores and digital channels. And the best retailers utilize these solutions to deliver efficient cross-channel shopping experiences. Meanwhile, many other retailers get by (though seldom rise to the top) with a siloed approach.
Around The World: Taking Stock of Global eCommerce in 2019
As I head to #NRF2019 in New York City next week, I’m excited to see how some of the biggest retailers and merchants see the industry evolving over the coming year. What trends they think are going to shape 2019, and which of 2018’s buzzwords can be put to bed.
Fraudsters Don’t Wait for Peak, So Neither Should You: 2019 Fraud Strategy Starts Now!
In existence for barely two decades, eCommerce has transformed not only the way we shop, but also how retailers plan and execute their marketing strategies around the peak shopping season. Now that we’re deep into this period, retailers will have prepared for changes in buyer behaviors, relaxed their strategies to be within the limits of manageable review rate, and most important of all, put strategies in place for increased fraud attempts.