Advent of SEPA Will Expose Data Glitches (Finextra)

Failed payments resulting from data problems could cost European businesses billions of euros, Experian study shows.

When the Single Euro Payments Area system goes into effect in February 2014, it could expose errors like out-of-date account data in the records of many European countries, costing them up to 20 billion euros ($25.8 billion) in fees, according to a study by  Experian, an information services company, Finextra reports.

Experian looked at more than half a million bank account records from European businesses and found that 12% of current electronic payments denominated in euros contain data errors that could interfere with the transfer of funds under SEPA.

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