SEPA debate continues
Our April editorial provoked an exchange of correspondence with the EACT.
Olivier Brissaud, Board Member, European Associations of Corporate Treasurers Chairman ATEB, Treasury for Financial Professionals in Belgium, wrote:
Reading your last editorial I was very surprised that you would spread this story about pan-European payments being just 3% of the total payment’s volume. As you must know, as you speak for corporates, it is like that precisely because the payment/clearing systems are not interoperable and thus all international corporates have developed workarounds in order to cope with the inefficiencies of the payments industry in the cross border area. Banks used to use this argument against SEPA because they make a huge amount of money from system inefficiencies. SEPA is not perfect – and we know it – but a serious magazine like you should not spread these figures without further explanation.Read more