SEPA was created by Europeas banks in 2002 in response to regulations and plans drawn up by the European Commission from a meeting in Lisbon at the turn of the millennium. Consequently, SEPA has been assisted by new legislation, the PSD, which was agreed in 2007. The implementation of SEPA takes place in 2008 within the banking industry, with full operation in 2010, and will be a massive change to not just banking, but all aspects of finance and financial services across Europe and the globe. This is because the vision for SEPA is that, by 2010, all euro payments are treated in the same way as domestic payments. In other words, European citizens and corporations enjoy a transparent market where there is no difference in charges for payments between Rome, Madrid, Paris and Munich. As a result, citizens, governments and corporations will have full access to finance transparently across 15 countries today and potentially 31 tomorrow. A United States of Europe, fuelled by fully integrated financing, will be different to the fragmented Europe of the past. This book reviews the key implications and challenges of SEPA and the PSD across the European landscape, and the likely outcomes of SEPA for 2010 and beyond. The main themes that emerge are that many of Europeas leading providers of payments infrastructures, which are often bankowned, will disappear and new payments providers and structures will emerge. Some of these will be evolutions and some will be revolutions. In addition, there will be major impacts upon those banks that cannot provide euro-services competitively in this new geographically competitive environment. The winners will reap major rewards, but there will be far more losers who will be merged or acquired. With contributions from leading authorities, including: ac Anthony Kirby, the Reference Data User Group ac Ashley Dowson, the SEPA Consultancy ac Bo Harald, TietoEnator ac Bodil Nelsson and Mats WallAcn, Bankgirocentralen ac Brenda OaConnell, Bank of Ireland ac Chris Pickles, BT ac Chris Skinner, the Financial Services Club and Balatro ac Daniel Szmukler, EBA CLEARING ac Daniele Danese, Banca Popolare di Verona ac David Doyle, EU Policy Advisor on Financial Markets ac Doctor John Ryan, CASS Business School ac Erkki Poutiainen, Nordea ac Eva King, the European Commission ac Geoffroy de Schrevel, SWIFT ac Gerard Hartsink, the European Payments Council ac Gianfranco Tabasso, the European Association of Corporate Treasurers ac Harry Leinonen, the Bank of Finland ac Heiko Schmiedel, the European Central Bank ac Henrik Parl, Eurogiro ac HervAc Postic, founder, UTSIT ac James Barclay, JPMorgan Chase ac John Bullard, IdenTrust ac John Chaplin, First Data ac Jonathan Williams, Eiger ac Juergen Weiss, Gartner ac Mark Hale, Barclays Bank ac Neil Burton, IBM ac Nick Senechal, VocaLink ac RenAc Pelegero, PayPal ac Richard Spong, Sterling Commerce ac Robert Bradfield, Ernst a Young ac Ruth WandhApfer, Citi ac Sean Fitzgerald, Sentinel ac Sharon Bowles, Member of the European Parliament ac Tom Buschman, TWIST... Regulation benchmark 117a118 BIC see Bank Identification Code bilateral payment-processing 78, 79a83, 135a136 ... processing industry see also credit cards duty charges 138 EPC progress 49a50 National Card Processing Payment anbsp;...
|Title||:||The Future of Finance After SEPA|
|Publisher||:||John Wiley & Sons - 2008-05-05|