The Single Euro Payments Area () is a European Union (EU) integration initiative pursued by the EU governments and the EU institutions since the introduction of the euro currency in 1999. (Note: the European Payments Council () is not part of the EU institutional framework.) With the previous Blog published on 28 November 2013, entitled ‘ fact check: the benefits projected by EU Governments, the European Parliament, the European Commission and the European Central Bank’ (see ‘related links’ below), we cited the expectations articulated by the political authorities driving the initiative on the benefits to materialise once is completed.
The proof of the pudding however is in the eating. The blog published on 17 December 2013 (see ‘related links’ below) highlights the testimony of representatives of corporates, small and medium-sized enterprises, public administrations and government agencies, who reported on their successfully completed migration projects (through the Newsletter case studies section since April 2011 and in other media). Early adopters on the demand side confirm that timely migration to the new payment schemes and technical standards is manageable and feasible. They also demonstrate that migration to Credit Transfer () and Direct Debit () leads to significant benefits. There is no doubt that the scope of change required to ensure compliance is extensive, but it does pay off. Full compliance will lead to more streamlined internal processes, lower IT costs, reduced costs based on bank charges, a consolidated number of bank accounts and cash management systems, and more efficiency and integration of an organisation’s payment business.
law effectively mandates migration to and by 1 February 2014 in the euro area. Businesses and public administrations that fully reaped the advantages offered by the Schemes and technical standards emphasise that compliance is just the first step; organisations can then focus on generating the efficiencies.
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