Happy New SEPA
About a year ago, in my blog ‘On your marks for SEPA’, I commented on the European Commission’s proposals for the setting of end dates for the migration from legacy instruments to SEPA credit transfers and direct debits. I wrote: “At least the whole industry knows that serious planning can now no longer be delayed. We don’t yet have the final ‘go’ but we now know we’re under starter’s orders.”
Well, twelve months later and it seems that we now have the final ‘go’ - 1 February 2014 is when the witching hour will be upon us.
But there is still little evidence that serious planning is underway. It seems that a combination of the ‘Eurozone crisis’ (to give it a name) and the wait for the end-date regulation has induced a state of dormancy in many banks. That can no longer be justified. Sound business sense must prevail and SEPA must be viewed as an opportunity, not a compliance exercise.
It’s the time of year for resolutions. Banks must resolve to enable SEPA payments and thereby transform their payments business and fully respond to their customers’ needs. The wait really is over.
Related blog posts
July: the hottest shopping time of the year for consumers, retailers—and fraudsters
Summer is in full swing, and while many people equate this time of year with beach-hopping and BBQs, retailers—and those of us who keep them in business— are quickly making July one of the most exciting shopping months of the year. Irresistible online sales and promotions abound, and with that, so does the risk of fraud. In fact, eCommerce fraud attempt rates in July, 2016 (1.6%) are slightly higher than fraud rates in December, 2015 (1.2%), which is the busiest holiday shopping time of the year.
2016 (Mid) Year in Payments Review
Ahhh summer - The Fourth of July (celebrating the original Brexit), Major League Baseball’s All-Star game (swap out the All-Star Game for UEFA Euro or Copa America for our friends off our shores) and the countdown to the lighting of the Olympic cauldron… the telltale signs that summer is in full swing and we have officially moved into the year’s third quarter. With all the pomp and circumstance of the continuous celebrations and backyard barbeques, I took some time to jot down my thoughts on the first half of 2016, and what I am excited to see unfold in the coming weeks and months as we march toward our fall conference schedule and the all-important holiday shopping season (22 weekends left until Christmas, hope you stocked up on Prime Day last week).
Aggregation Services Will Save Money
Payments used to be so simple. You went to your bank, gave them your money and sometime later it would arrive at the beneficiary, albeit not necessarily always intact in value. But the world has changed rapidly over the past decade as new payment providers have been offering services to targeted markets and customers. Their services have been more relevant to the end user than the generic products that many banks have continued to offer.
Three things that it takes to be in the Fraud Management Business in 2016; a survey reflection
On the heels of ACI’s latest Consumer Fraud Survey, recurring questions have continued to solidify themes. Let me summarize the results for you: There is incrementally more card fraud, consumers are not changing their behavior all that much in reaction to it, and they expect any issues to be addressed and resolved more easily today than in years past. Of course, this is about what we should be anticipating in our “always on”, service and convenience oriented, mobile world. So, with that said, here’s what fraud management means to consumers and fraud managers in 2016.
How Will You Pay for Your Cake by the Ocean
Ahh, summer. I don’t have that summertime, summertime sadness nor do I like the Motel’s Suddenly Last Summer. But with summer now in full gear, I am one to wax poetic about spending those countless days of younger yore in Newport (and Middletown), RI, while my Rantings cohort has been a long-time (part-time) resident of Cape Cod. But we’re not here to debate which beaches are better (because there’s no debate that RI’s beaches are superior, though Welfleet’s Beachcomber is among my favorite all-time summer bars). We’re here to rant about more prudent topics…like bucket lists, not buckets full of delicious steamers; in this case, we’re referring to summer fintech bucket lists (or perhaps summer fintech wish lists).
Immediate Payments Tide Continues to Rise
I recently had the pleasure of participating on an unusually high caliber payments discussion panel, sponsored by BayPay Forum, a Silicon Valley-based payment industry group. The Forum organizes some great events, most of which combine social networking with industry education on emerging payments trends.
The impact of faster payments on ACH and wire revenue
At the recent ACI Exchange conference, there was a lot of discussion around immediate payments. Very often the conversations focused on the business case and the potential revenue impact to the existing payments types – ACH, wire and cards.
Changing the Payments Trajectory
There are a few times each year where my inner geek is on full ‘geekdom’ display.
The New Payments Ecosystem Fast Open and Disruptive
Sitting at the PayExpo event in London last week, you could feel the excitement that the payment industry is generating. Slightly weird feeling when I remember telling friends 15 years ago about payment trends (as you do) and watching their eyes glaze over. Now mobile wallets such as Apple/ Samsung Pay or AliPay; Fin-Tech payment intermediaries such as Transferwise or HiFX; sharing economy evangelists such as AirBnB or Uber; challenger banks like Mondo or Atom Bank—they’re making payments trendy, exciting and relevant to all.
Can payments really be simple Depends on whom you ask
According to the experts from Merriam-Webster, the definition of “simple” is fairly, well, simple to understand: