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Warning of SEPA Direct Debit failure

End users of payment systems in Europe released a report today airing their concerns that the Single Euro Payments Area (SEPA) Direct Debit (SDD) to be launched on November 2nd will prove unpopular unless steps are taken to reflect users' needs.

The concerns are based around companies having to make arrangements to access the SDD scheme country by country, and each country having variations in their use of the scheme.  Equally, a precondition for switching to the SDD is that the service is available in the country, matches with other cross-border services and exceeds the existing schemes.

The report released today has been produced by the End User Committee associations, which comprise:

  • the European Association of Corporate Treasurers (EACT);
  • the Confederation of European Business (BUSINESSEUROPE);
  • the European Association of Crafts and SMEs (UEAPME);
  • Bureau Européen des Unions de Consommateurs (BEUC);
  • EuroCommerce, the European wholesaler and retailer organisation;
  • the European insurance and reinsurance federation (CEA);
  • the European e-commerce and Mail Order Trade Association (EMOTA); and
  • the European Federation of Magazine Publishers (FAEP).

This significant grouping of end users state that: “SEPA risks failure unless corrections are made.”

Their 64 page report can be downloaded here.

Note: the survey we are running on SEPA and the PSD adds to this report, with over 300 participants completing the survey so far.  If you haven't completed it yet, just click here. 

  

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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