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Jim Volkwein, Deutsche BankWith the August 1st migration end-date for the single euro payments area (SEPA) credit transfer and SEPA direct debit behind us, there are new opportunities ahead for corporates to improve their payments structure in Europe and at a global level. Companies can achieve the benefits that SEPA originally promised and more both within and beyond the Eurozone. This creates new opportunities for automation, standardization and centralization along with payments systems’ innovation for both corporates and banks.

 

Harmonization Benefits

The introduction of SEPA opened the door to new opportunities beyond the more immediate benefits of regional harmonization. As with any regulatory initiative, it can act as a launch pad for the planning, execution and realization of additional internal improvements; implementing changes effectively in order to enhance operational efficiency, bolster risk control and reveal financial benefits. Such an approach is all the more relevant to SEPA thanks to the payment scheme’s opportunity for significant rationalization and innovation. By embracing SEPA, corporates have the opportunity to convert what was initially a regulatory project into a strategic innovation.

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