Corporates are showing a worrying lack of readiness to the looming SEPA end date of 1 February 2014, according to the State of the European Payments Marketplace survey sponsored by the payment and information technology company CGI and the Euro Banking Association (EBA).

The survey highlighted that 79% of Euro-zone corporates are behind with SEPA migration procedures, with more than half still in the planning phase. Yet, 68% of respondents still view SEPA as an opportunity with strong business benefits.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

"The lack of SEPA readiness will require refreshing approaches from banks, corporates and service providers, as the clock is ticking. Working with our clients we have seen significant business benefits that can be achieved through complying with the legislation but time is running out for those who have yet to focus on SEPA," said Jerry Norton, head of strategy, Financial Services, CGI.

According to the 420 participants from 47 countries, mobile and real-time payments have instead become a top priority due to their high growth potential. A vast 98% believe mobile commerce is a priority or will be in the next few years, demonstrating the growing importance of mobile commerce in delivering easy access to services.

"Looking back at the results from 2012, we saw the beginning of conversations around the need for real-time payments in the UK, Sweden & Poland. Mobile commerce is now reinforcing the need for real-time payments and delivering easy access for banking customers," Norton added.

Related Articles

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

SEPA: German banks to adopt EBA Clearing’s infrastructure

ECB warns against risks of late migration to SEPA