One issue relates to the persistent use of some niche and other financial products that fall outside of SEPA's scope in a number of countries, thereby preventing a full centralization of treasury functions. Other open issues concern the limited use of the standard ISO 20022 for remittance information, a lack of clarity in the handling of R-transactions, and the limited use of e-mandate solutions in the issuing of direct debit mandates. Even if the SEPA Rulebook fosters the replacement of paper mandates with electronic mandates, a common SEPA solution has still not been chosen, according to Aite Group.

In order to see SEPA promises fully realized, several aspects need to be clarified or solved. Among others, an interoperable solution for e-mandate has to be determined, in particular for large corporations.

In addition, to leverage the full value of SEPA and get the benefits from the automation of manual activities and resources currently engaged in the payment and reconciliation value chain—estimated at EUR21.9 billion to be saved annually—banks, payment service providers, payment processors, and companies have to embrace a widespread use of ISO 20022 standards and e-invoicing services.

"SEPA will enable corporations to significantly improve their treasury and liquidity management by rationalizing their banking relationships," says Paolo Zaccardi, analyst in Wholesale Banking at Aite Group. "Yet several aspects still need to be resolved for SEPA's promises of faster, more efficient, and safer payments to be fully realized."
Aite Group blog
aitegroup.com

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