SWIFT has published a white paper defining the
steps necessary to migrate to SEPA.
The paper argues that banks and corporates
have to define the path they will need to take for a successful and
timely SEPA migration – and prioritise these challenges.
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The looming deadline – 1 February 2014 –
proves a “serious challenge for all institutions” to move to SEPA
Credit Transfers and SEPA Direct Debit Transfers argues SWIFT.
In the white paper, SWIFT has come up with
what it calls “preparatory steps” to migrate to SEPA,
including:
- A clear picture of what an institution already clears, through
which channel and which transaction type - A checklist listing and detailing necessary steps, products,
services etc for a successful SEPA compliance - A calculation of the business value of migrating to SEPA
- An idea of the right messaging provider to use for the
migration
Marc Pomes Bordedebat, senior market manager
payments, EMEA at SWIFT, said:
“SWIFT can help market participants analyse
their payments traffic across all of their banking communication
channels to identify what they will need to migrate, and by when.
Based on this, we can then assist with building a roadmap for
migration, give recommendations on priorities and help customers
reconsider their clearing strategy.”
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