SEPA is the Single Euro Payments Area initiative that aims to simplify bank transfers denominated in euros across Europe. While SEPA offers opportunities like reduced costs and expanded customer bases for banks, it also presents challenges as banks must replace lost revenue from lower transaction fees and meet compliance costs. To address this, banks need to collaborate with customers to develop innovative products and services, cross-sell offerings, and leverage opportunities in the corporate market through services like e-invoicing to gain competitive advantages and income sources. Proper preparation is important as banks must ensure their payment processes meet SEPA requirements by deadlines or customer payments will be rejected.
This document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, which aims to introduce account number portability to the European banking market. It discusses the issues faced by banks and account holders due to the lack of ANP, and how IBANP's proposed solutions using blockchain and PSD2 regulations could address these issues by allowing account numbers to remain portable between banks. The benefits mentioned include facilitating bank reorganizations and internal/international customer mobility while reducing compliance costs. Potential objections from industry groups are addressed, and views from the European Commission supporting further evaluation of ANP are presented.
The document outlines some of the key challenges that must be addressed prior to the February 2014 SEPA end-date. It notes that while SEPA aims to standardize euro payments across the Eurozone, individual countries may still implement their own versions of SEPA, undermining harmonization. Additionally, national migration plans vary in their levels of preparation. The document also discusses issues around payment instrument scoping as SEPA will not replace all existing payment methods, as well as challenges with reference handling and automatic reconciliation of SEPA credit transfers.
The document discusses Moldova Agroindbank, the largest commercial bank in Moldova. It highlights the bank's leadership, innovation, and growth. Specifically, it summarizes that Moldova Agroindbank has received several awards for being the most sustainable bank in Moldova, has one of the largest branch networks in the country, and offers customers convenient online banking services. It also provides details on the various financial products and services offered by the bank, including loans, credit cards, foreign exchange, and brokerage/investment services.
The document discusses the Single Euro Payments Area (SEPA) initiative which aims to simplify bank transfers denominated in euros within Europe. SEPA merges all retail payment markets in the euro area into a single market. It introduces common standards and processes for credit transfers and direct debits to make euro payments within Europe as easy as domestic payments. The key benefits are improved efficiency, reduced costs, and simplified cash management for businesses and banks. The transition to SEPA required changes to payment formats and processes which impacted European countries like France economically and technically.
MDLZ operated complex treasury operations across Europe which led to high fees and resource needs. It decided to streamline operations by appointing Citi as its single bank provider. Citi implemented a "One Bank" solution across 24 markets to standardize payments, collections and accounts. This centralized solution automated processes, reduced bank accounts and interfaces, and freed up resources to focus on more strategic tasks and drive greater efficiencies for MDLZ.
The document lists 23 potential topics related to recent trends in banking for an eMBA program. The topics include analyses of bank balance sheets, international financial reporting standards, fixed income markets and derivatives, financial inclusion programs in India, cross selling in banks, budget proposals impacting banks, interest rates policies, currency fluctuations, the sub-prime lending crisis, operational risk rules, microcredit controversies, internet banking frauds, asset-liability management, factors influencing interest rates, open market operations, recommendations of the Mohanty Committee on monetary policy, differences between banks and non-banking financial companies, deposit schemes for non-resident Indians, customer service in banks, and banking licenses.
Euc Payment System End Users Committee (Euc)Friso de Jong
This paper examines the outstanding issues surrounding the SEPA project, in particular SEPA direct debit (SDD). It looks at these issues from the point of view of the payment systems users’ community, in particular the members of the End-users Committee (EUC).
1. An assessment was conducted of an agent banking solution deployed by Urwego Opportunity Bank in Rwanda.
2. The assessment examined key areas such as products, business case, agent network, marketing, risk mitigation, and technology.
3. Several recommendations were provided to improve the solution based on the assessment, such as offering liquidity management facilities to agents, strengthening fraud detection, and engaging in rebranding of strategic agent outlets.
This document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, which aims to introduce account number portability to the European banking market. It discusses the issues faced by banks and account holders due to the lack of ANP, and how IBANP's proposed solutions using blockchain and PSD2 regulations could address these issues by allowing account numbers to remain portable between banks. The benefits mentioned include facilitating bank reorganizations and internal/international customer mobility while reducing compliance costs. Potential objections from industry groups are addressed, and views from the European Commission supporting further evaluation of ANP are presented.
The document outlines some of the key challenges that must be addressed prior to the February 2014 SEPA end-date. It notes that while SEPA aims to standardize euro payments across the Eurozone, individual countries may still implement their own versions of SEPA, undermining harmonization. Additionally, national migration plans vary in their levels of preparation. The document also discusses issues around payment instrument scoping as SEPA will not replace all existing payment methods, as well as challenges with reference handling and automatic reconciliation of SEPA credit transfers.
The document discusses Moldova Agroindbank, the largest commercial bank in Moldova. It highlights the bank's leadership, innovation, and growth. Specifically, it summarizes that Moldova Agroindbank has received several awards for being the most sustainable bank in Moldova, has one of the largest branch networks in the country, and offers customers convenient online banking services. It also provides details on the various financial products and services offered by the bank, including loans, credit cards, foreign exchange, and brokerage/investment services.
The document discusses the Single Euro Payments Area (SEPA) initiative which aims to simplify bank transfers denominated in euros within Europe. SEPA merges all retail payment markets in the euro area into a single market. It introduces common standards and processes for credit transfers and direct debits to make euro payments within Europe as easy as domestic payments. The key benefits are improved efficiency, reduced costs, and simplified cash management for businesses and banks. The transition to SEPA required changes to payment formats and processes which impacted European countries like France economically and technically.
MDLZ operated complex treasury operations across Europe which led to high fees and resource needs. It decided to streamline operations by appointing Citi as its single bank provider. Citi implemented a "One Bank" solution across 24 markets to standardize payments, collections and accounts. This centralized solution automated processes, reduced bank accounts and interfaces, and freed up resources to focus on more strategic tasks and drive greater efficiencies for MDLZ.
The document lists 23 potential topics related to recent trends in banking for an eMBA program. The topics include analyses of bank balance sheets, international financial reporting standards, fixed income markets and derivatives, financial inclusion programs in India, cross selling in banks, budget proposals impacting banks, interest rates policies, currency fluctuations, the sub-prime lending crisis, operational risk rules, microcredit controversies, internet banking frauds, asset-liability management, factors influencing interest rates, open market operations, recommendations of the Mohanty Committee on monetary policy, differences between banks and non-banking financial companies, deposit schemes for non-resident Indians, customer service in banks, and banking licenses.
Euc Payment System End Users Committee (Euc)Friso de Jong
This paper examines the outstanding issues surrounding the SEPA project, in particular SEPA direct debit (SDD). It looks at these issues from the point of view of the payment systems users’ community, in particular the members of the End-users Committee (EUC).
1. An assessment was conducted of an agent banking solution deployed by Urwego Opportunity Bank in Rwanda.
2. The assessment examined key areas such as products, business case, agent network, marketing, risk mitigation, and technology.
3. Several recommendations were provided to improve the solution based on the assessment, such as offering liquidity management facilities to agents, strengthening fraud detection, and engaging in rebranding of strategic agent outlets.
Financial Director: SEPA - welcoming the inevitableDirk Braun
The document discusses the Single Euro Payments Area (SEPA) initiative which aims to simplify bank payments across Europe through standardization. It notes that the deadline for migrating to the SEPA standard is February 2014. While this creates obligations for companies, the document argues that SEPA implementation should instead be seen as a strategic opportunity. SEPA allows companies to make payments across Europe using a single bank account and payment method, increasing efficiency. It also standardizes formats and processes. The document urges companies to begin preparing for SEPA now in order to reap rewards and avoid penalties for missed deadlines.
Want to improve your sales in Europe? We’ve got something for you. SEPA direc...PayLane
Want to improve your sales in Europe? We’ve got something for you.
Have you ever heard about direct debits? Sure, you have. Direct debits are great. Always have been. You have a bank account, you pay directly from your bank account. Don’t need to provide anyone with your credit card details, don’t need to log in to some 3rd party payment system. Bank account means payment. So simple, so great.
And now you have SEPA direct debits.
Global Value Chain (GVC) Analysis of Mobile Financing Industry in BangladeshMaleeha Tarannum
This document analyzes the global value chain of the mobile finance industry in Bangladesh. It begins with an overview of Bangladesh's banking system and low financial inclusion rates. It then examines how banks have started using mobile phones to deliver financial services. The document analyzes the industry's input-output structure, institutional context, and governance. It maps out the various value chains for mobile banking, payments, and remittances. Finally, it discusses factors driving changes in the industry and possibilities for its future upgrading.
The document provides an update on the South African National Payment System (NPS) in April 2002. It discusses several ongoing projects and initiatives:
1. SAMOS Version 4.0 was implemented, including a Continuous Batch Processing Line functionality that allows banks to meet only net obligations in batches.
2. Risk reduction measures for the NPS are being reviewed, including business continuity plans for components like SAMOS, SWIFT, and collateral systems.
3. The SARB-Link infrastructure connecting banks to SAMOS is being renewed to replace outdated equipment and improve redundancy.
4. Oversight of the NPS by the South African Reserve Bank is aimed at promoting a smooth functioning payment
In the backdrop of the buzz that IFRS-9 has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. First in the series is our take on the latest BCBS paper which requires ‘high quality’, ‘robust’ & ‘consistent’ implementation of Expected Credit Loss (ECL) framework for all internationally active banks.
Key highlights from BCBS guidance are:
§ Banks should consider the principle of proportionality and materiality while finalizing the methodology for ECL estimation
§ BCBS allows the immediate reversal of allowance in case of credit quality improvement, recognising that ECL accounting frameworks are symmetrical
§ Limited use of IFRS 9 practical expedients such as, more than 30 days past due, low credit risk exemption & information set
§ Inclusion of forward looking information and macroeconomic forecasts to the historical information in the ECL estimation process
§ Requirement of robust policies and procedures for model governance and validation which is in line with regulatory requirements for Basel II IRB purposes
Please find enclosed the white paper, which provides in-depth details of the key aspects discussed by the Basel Committee and our view on the same.
Evaluation of Financial Performance of SIBLRakib Hossain
This document provides an overview and objectives of a presentation analyzing the financial performance of Social Islami Bank Limited from 2012-2016. The presentation covers various areas including objectives, methodology, limitations, company overview, ratio analysis of liquidity, activity, debt, profitability, and risk. Ratio analysis is used to evaluate the bank's liquidity, activity levels, debt usage, profitability, and risks over the time period. Trends in ratios are analyzed to determine if the bank's financial condition is improving or deteriorating.
Baltic PR Awards 2011: Bank Citadele – communication campaign of restructurin...Baltic PR Awards
This document summarizes the communication campaign for the restructuring and launch of the new Citadele bank brand in Latvia. The goals were to preserve the existing client base, increase loyalty, and manage the bank's reputation during the crisis. A new brand was developed to stabilize and grow the bank. On August 1, 2010, the assets and liabilities of Parex bank were transferred to the newly established Citadele bank. An extensive client communication campaign informed people about the transfer. Initial results were positive, with increased deposit volumes, website visitors, and call volume. Public awareness of Citadele was high, and the bank exceeded liquidity requirements. The communication team and agencies that helped launch the new brand are also acknowledged.
Frankfurt Workshop presentation, key takeways on Branchless BankingSimon Priollaud
Simon Priollaud presented 4 case studies on mobile banking projects in Africa:
1) A project in Ivory Coast from 2009-2010 integrated mobile money services with microfinance institutions, allowing loan repayments via mobile and generating more revenue. Key lessons included incentivizing staff and thorough client training.
2) A 2011-2012 Madagascar project interconnected an e-wallet with a microfinance institution, enabling savings, loans, and transfers. Regulatory coordination and technical challenges required attention.
3) A 2013 study in East Africa analyzed demand for fully mobile microfinance. Scenarios included individual loans, value chain lending, and mobile scoring models.
4) A 2013 Morocco project tested us
The document discusses and compares the services provided by public sector banks and private sector banks in India. It summarizes that private sector banks are offering more innovative services like internet banking, credit cards, and cash delivery. According to respondents, private sector banks provide better quality services and are more user-friendly, though some services have additional costs. Most private bank customers rate transactions and cash remittance times with their banks as excellent. Therefore, private sector banks are generally seen as providing higher quality services to customers in India compared to public sector banks.
This document proposes a national inter-bank remittance and cash transfer platform for Ghana that would:
1) Create a single nationwide platform to facilitate domestic cash transfers between banks, financial institutions, and the informal sector.
2) Address challenges in the current system like a lack of interbank transfers, higher costs, and limited coverage.
3) Provide benefits like uniform pricing, faster transfers, expanded coverage, and complementary savings and money transfer services.
Channel financing allows banks to finance suppliers and dealers along the supply chain. It provides working capital financing to both vendors and dealers. The bank can finance different parties like the supplier, company and dealer at different stages. Channel financing benefits suppliers, companies and dealers by providing cheaper working capital financing and improving cash flows. It also benefits banks by expanding their customer base and diversifying credit risk.
Dear student, Warm Greetings of the Day!!! We are a qualified team of consultants and writers who provide support and assistance to students with their Assignments, Essays and Dissertation. If you are having difficulties writing your work, finding it stressful in completing your work or have no time to complete your work yourself, then look no further. We have assisted many students with their projects. Our aim is to help and support students when they need it the most. We oversee your work to be completed from start to end. We specialize in a number of subject areas including, Business, Accounting, Economic, Nursing, Health and Social Care, Criminology, Sociology, English, Law, IT, History, Religious Studies, Social Sciences, Biology, Physic, Chemistry, Psychology and many more. Our consultants are highly qualified in providing the highest quality of work to students. Each work will be unique and not copied like others. You can count on us as we are committed to assist you in producing work of the highest quality. Waiting for your quick response and want to start healthy long term relationship with you. Regards http://www.cheapassignmenthelp.com/ http://www.cheapassignmenthelp.co.uk/
The document summarizes news from the economic and banking sectors in Sri Lanka. Some key points:
- The Sri Lankan economy grew 3.7% in the second quarter of 2018, with growth in agriculture, industry and services.
- Commercial Bank won several awards for its digital innovations and support for SMEs. It also launched the country's first fully automated cheque deposit machine.
- Major developments included opening of the Colombo City Centre international mall, plans for $50 million investment in real estate, and making QR code-based payments nationally available.
- Issues discussed at the Sri Lanka Economic Summit included the need to accelerate reforms to strengthen competitiveness and attract more foreign investment. Leg
The document summarizes the key findings and recommendations of the Damodaran Committee on Customer Service in the Indian banking sector. The committee was formed in 2010 by the Reserve Bank of India to examine customer service aspects of banks. It received feedback from stakeholders and assessed customer service on the ground. The committee made recommendations related to improving various banking services like deposits, loans, technology usage, grievance redressal and the role of bank boards/ombudsmen in enhancing customer service. It emphasized making services more customer-centric, transparent, technology-enabled and promoting financial inclusion.
Sarah Rotman of CGAP was kind enough to present on the basics of branchless banking to NetHope's Payment Innovations Working Group in March 2012, which is open to all NetHope members. Please contact hamilton.mcnutt@nethope.org for more information.
This document summarizes agency banking in Zimbabwe and its potential benefits. It discusses how agency banking can help lower the costs of serving remote rural areas by leveraging existing informal networks. Over 3,000 agents have been set up throughout Zimbabwe, opening over 200,000 low-cost accounts. Agency banking provides benefits to customers through increased access, financial institutions by expanding their customer base, and agents through additional revenue. However, challenges also exist such as infrastructure costs, connectivity issues, and cash shortages. Overall, the document argues that agency banking can boost financial inclusion if supported by relevant stakeholders.
The document discusses electronic payment clearing services in India. It introduces the Electronic Clearing Service (ECS) which was launched in the 1990s as a means of electronic funds transfer. ECS allows for one-time or recurring payments through a single debit authorization. The key parties involved in ECS payments are the payer, payee, payer's bank, and payee's bank. ECS can be used for credit payments, like salaries, or debit payments to collect bills. Debit ECS requires customers to authorize recurring debits from their account.
This document proposes the Central Postal Card System (Cpost) to introduce a new way for customers to pay utility bills through postmen using reloadable plastic cards. The system would allow cardholders to pay electricity, water, and telephone bills conveniently on weekends without having to handle cash. Payments would be processed electronically through the bank's network. It is estimated that over 1 million new bill payments could generate around 15 million rupees in monthly income for the bank. The system aims to reduce the use of cash and help transition Sri Lanka to a cashless society, while creating new jobs and economic opportunities.
SEPA promotes greater efficiency in business processes by standardizing payments across Europe which removes national exceptions. This allows companies to optimize cash management, improve visibility, and reduce costs. While the deadline for compliance is February 2014, companies should view SEPA not just as a regulatory requirement but as an opportunity to improve operations and leverage new technologies like XML to drive further automation and centralization.
Nearly three years after SEPA's launch, its benefits and remaining work are clear. SEPA allows corporates to consolidate operations and banking structures across Europe with just one bank account. However, some challenges remain, including local variations, requirements to maintain local accounts for tax payments, and "IBAN discrimination" in systems. Future developments like PSD2 aim to further standardize payments and open banking APIs to boost innovation.
Financial Director: SEPA - welcoming the inevitableDirk Braun
The document discusses the Single Euro Payments Area (SEPA) initiative which aims to simplify bank payments across Europe through standardization. It notes that the deadline for migrating to the SEPA standard is February 2014. While this creates obligations for companies, the document argues that SEPA implementation should instead be seen as a strategic opportunity. SEPA allows companies to make payments across Europe using a single bank account and payment method, increasing efficiency. It also standardizes formats and processes. The document urges companies to begin preparing for SEPA now in order to reap rewards and avoid penalties for missed deadlines.
Want to improve your sales in Europe? We’ve got something for you. SEPA direc...PayLane
Want to improve your sales in Europe? We’ve got something for you.
Have you ever heard about direct debits? Sure, you have. Direct debits are great. Always have been. You have a bank account, you pay directly from your bank account. Don’t need to provide anyone with your credit card details, don’t need to log in to some 3rd party payment system. Bank account means payment. So simple, so great.
And now you have SEPA direct debits.
Global Value Chain (GVC) Analysis of Mobile Financing Industry in BangladeshMaleeha Tarannum
This document analyzes the global value chain of the mobile finance industry in Bangladesh. It begins with an overview of Bangladesh's banking system and low financial inclusion rates. It then examines how banks have started using mobile phones to deliver financial services. The document analyzes the industry's input-output structure, institutional context, and governance. It maps out the various value chains for mobile banking, payments, and remittances. Finally, it discusses factors driving changes in the industry and possibilities for its future upgrading.
The document provides an update on the South African National Payment System (NPS) in April 2002. It discusses several ongoing projects and initiatives:
1. SAMOS Version 4.0 was implemented, including a Continuous Batch Processing Line functionality that allows banks to meet only net obligations in batches.
2. Risk reduction measures for the NPS are being reviewed, including business continuity plans for components like SAMOS, SWIFT, and collateral systems.
3. The SARB-Link infrastructure connecting banks to SAMOS is being renewed to replace outdated equipment and improve redundancy.
4. Oversight of the NPS by the South African Reserve Bank is aimed at promoting a smooth functioning payment
In the backdrop of the buzz that IFRS-9 has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. First in the series is our take on the latest BCBS paper which requires ‘high quality’, ‘robust’ & ‘consistent’ implementation of Expected Credit Loss (ECL) framework for all internationally active banks.
Key highlights from BCBS guidance are:
§ Banks should consider the principle of proportionality and materiality while finalizing the methodology for ECL estimation
§ BCBS allows the immediate reversal of allowance in case of credit quality improvement, recognising that ECL accounting frameworks are symmetrical
§ Limited use of IFRS 9 practical expedients such as, more than 30 days past due, low credit risk exemption & information set
§ Inclusion of forward looking information and macroeconomic forecasts to the historical information in the ECL estimation process
§ Requirement of robust policies and procedures for model governance and validation which is in line with regulatory requirements for Basel II IRB purposes
Please find enclosed the white paper, which provides in-depth details of the key aspects discussed by the Basel Committee and our view on the same.
Evaluation of Financial Performance of SIBLRakib Hossain
This document provides an overview and objectives of a presentation analyzing the financial performance of Social Islami Bank Limited from 2012-2016. The presentation covers various areas including objectives, methodology, limitations, company overview, ratio analysis of liquidity, activity, debt, profitability, and risk. Ratio analysis is used to evaluate the bank's liquidity, activity levels, debt usage, profitability, and risks over the time period. Trends in ratios are analyzed to determine if the bank's financial condition is improving or deteriorating.
Baltic PR Awards 2011: Bank Citadele – communication campaign of restructurin...Baltic PR Awards
This document summarizes the communication campaign for the restructuring and launch of the new Citadele bank brand in Latvia. The goals were to preserve the existing client base, increase loyalty, and manage the bank's reputation during the crisis. A new brand was developed to stabilize and grow the bank. On August 1, 2010, the assets and liabilities of Parex bank were transferred to the newly established Citadele bank. An extensive client communication campaign informed people about the transfer. Initial results were positive, with increased deposit volumes, website visitors, and call volume. Public awareness of Citadele was high, and the bank exceeded liquidity requirements. The communication team and agencies that helped launch the new brand are also acknowledged.
Frankfurt Workshop presentation, key takeways on Branchless BankingSimon Priollaud
Simon Priollaud presented 4 case studies on mobile banking projects in Africa:
1) A project in Ivory Coast from 2009-2010 integrated mobile money services with microfinance institutions, allowing loan repayments via mobile and generating more revenue. Key lessons included incentivizing staff and thorough client training.
2) A 2011-2012 Madagascar project interconnected an e-wallet with a microfinance institution, enabling savings, loans, and transfers. Regulatory coordination and technical challenges required attention.
3) A 2013 study in East Africa analyzed demand for fully mobile microfinance. Scenarios included individual loans, value chain lending, and mobile scoring models.
4) A 2013 Morocco project tested us
The document discusses and compares the services provided by public sector banks and private sector banks in India. It summarizes that private sector banks are offering more innovative services like internet banking, credit cards, and cash delivery. According to respondents, private sector banks provide better quality services and are more user-friendly, though some services have additional costs. Most private bank customers rate transactions and cash remittance times with their banks as excellent. Therefore, private sector banks are generally seen as providing higher quality services to customers in India compared to public sector banks.
This document proposes a national inter-bank remittance and cash transfer platform for Ghana that would:
1) Create a single nationwide platform to facilitate domestic cash transfers between banks, financial institutions, and the informal sector.
2) Address challenges in the current system like a lack of interbank transfers, higher costs, and limited coverage.
3) Provide benefits like uniform pricing, faster transfers, expanded coverage, and complementary savings and money transfer services.
Channel financing allows banks to finance suppliers and dealers along the supply chain. It provides working capital financing to both vendors and dealers. The bank can finance different parties like the supplier, company and dealer at different stages. Channel financing benefits suppliers, companies and dealers by providing cheaper working capital financing and improving cash flows. It also benefits banks by expanding their customer base and diversifying credit risk.
Dear student, Warm Greetings of the Day!!! We are a qualified team of consultants and writers who provide support and assistance to students with their Assignments, Essays and Dissertation. If you are having difficulties writing your work, finding it stressful in completing your work or have no time to complete your work yourself, then look no further. We have assisted many students with their projects. Our aim is to help and support students when they need it the most. We oversee your work to be completed from start to end. We specialize in a number of subject areas including, Business, Accounting, Economic, Nursing, Health and Social Care, Criminology, Sociology, English, Law, IT, History, Religious Studies, Social Sciences, Biology, Physic, Chemistry, Psychology and many more. Our consultants are highly qualified in providing the highest quality of work to students. Each work will be unique and not copied like others. You can count on us as we are committed to assist you in producing work of the highest quality. Waiting for your quick response and want to start healthy long term relationship with you. Regards http://www.cheapassignmenthelp.com/ http://www.cheapassignmenthelp.co.uk/
The document summarizes news from the economic and banking sectors in Sri Lanka. Some key points:
- The Sri Lankan economy grew 3.7% in the second quarter of 2018, with growth in agriculture, industry and services.
- Commercial Bank won several awards for its digital innovations and support for SMEs. It also launched the country's first fully automated cheque deposit machine.
- Major developments included opening of the Colombo City Centre international mall, plans for $50 million investment in real estate, and making QR code-based payments nationally available.
- Issues discussed at the Sri Lanka Economic Summit included the need to accelerate reforms to strengthen competitiveness and attract more foreign investment. Leg
The document summarizes the key findings and recommendations of the Damodaran Committee on Customer Service in the Indian banking sector. The committee was formed in 2010 by the Reserve Bank of India to examine customer service aspects of banks. It received feedback from stakeholders and assessed customer service on the ground. The committee made recommendations related to improving various banking services like deposits, loans, technology usage, grievance redressal and the role of bank boards/ombudsmen in enhancing customer service. It emphasized making services more customer-centric, transparent, technology-enabled and promoting financial inclusion.
Sarah Rotman of CGAP was kind enough to present on the basics of branchless banking to NetHope's Payment Innovations Working Group in March 2012, which is open to all NetHope members. Please contact hamilton.mcnutt@nethope.org for more information.
This document summarizes agency banking in Zimbabwe and its potential benefits. It discusses how agency banking can help lower the costs of serving remote rural areas by leveraging existing informal networks. Over 3,000 agents have been set up throughout Zimbabwe, opening over 200,000 low-cost accounts. Agency banking provides benefits to customers through increased access, financial institutions by expanding their customer base, and agents through additional revenue. However, challenges also exist such as infrastructure costs, connectivity issues, and cash shortages. Overall, the document argues that agency banking can boost financial inclusion if supported by relevant stakeholders.
The document discusses electronic payment clearing services in India. It introduces the Electronic Clearing Service (ECS) which was launched in the 1990s as a means of electronic funds transfer. ECS allows for one-time or recurring payments through a single debit authorization. The key parties involved in ECS payments are the payer, payee, payer's bank, and payee's bank. ECS can be used for credit payments, like salaries, or debit payments to collect bills. Debit ECS requires customers to authorize recurring debits from their account.
This document proposes the Central Postal Card System (Cpost) to introduce a new way for customers to pay utility bills through postmen using reloadable plastic cards. The system would allow cardholders to pay electricity, water, and telephone bills conveniently on weekends without having to handle cash. Payments would be processed electronically through the bank's network. It is estimated that over 1 million new bill payments could generate around 15 million rupees in monthly income for the bank. The system aims to reduce the use of cash and help transition Sri Lanka to a cashless society, while creating new jobs and economic opportunities.
SEPA promotes greater efficiency in business processes by standardizing payments across Europe which removes national exceptions. This allows companies to optimize cash management, improve visibility, and reduce costs. While the deadline for compliance is February 2014, companies should view SEPA not just as a regulatory requirement but as an opportunity to improve operations and leverage new technologies like XML to drive further automation and centralization.
Nearly three years after SEPA's launch, its benefits and remaining work are clear. SEPA allows corporates to consolidate operations and banking structures across Europe with just one bank account. However, some challenges remain, including local variations, requirements to maintain local accounts for tax payments, and "IBAN discrimination" in systems. Future developments like PSD2 aim to further standardize payments and open banking APIs to boost innovation.
E-invoicing in Corporate Banking: A European PerspectiveCognizant
This document discusses e-invoicing in corporate banking in Europe. It notes that persistently difficult business conditions have forced banks and clients to find more efficient ways to manage their financial supply chains. The document suggests that a cloud-powered, integrated approach to e-invoicing could help achieve this. However, adoption of e-invoicing in Europe has been slow due to challenges around regulations, standards, costs and technology interoperability. The document proposes that a community cloud-based e-invoicing solution managed by a trusted third party could help address these challenges and accelerate adoption of e-invoicing.
The Single Euro Payments Area (SEPA) allows consumers and businesses to make cashless euro payments across Europe as easily as within a country. It aims to simplify cross-border euro payments through common standards. Key benefits include easier cross-border payments, lower costs, and more payment options for consumers, businesses, and public administrations across Europe. The European Commission, European Central Bank, and banking industry work together to implement SEPA standards and schemes like credit transfers and direct debits.
This document discusses payment factories, which refer to centralized hubs established by companies to gain greater control and efficiency over processing payments. Payment factories can take various forms depending on factors like a company's processes, technology, bank relationships, and location. The document examines the benefits payment factories can provide, such as increased standardization, visibility, control and lower costs. It also provides examples of different payment factory models and considerations for establishing one.
The document discusses the evolution of open banking into open finance in the UK and Europe. Open banking has grown significantly since its introduction through regulation, with billions of API calls enabling new financial products and services for millions of customers. There is now interest in expanding open banking into open finance by increasing access to broader financial data across sectors, with the goal of improving consumer outcomes through greater competition and innovation. International bodies are also working to develop open finance standards beyond payments and banking at a European level.
The Most Recommended Fintech Solution Providers 2020The Business Fame
"Welcome to The Business Fame’s exclusive edition, "The Most Recommended Fintech Solution Providers 2020" is our annual feature of the most Recommended Fintech solution providers in today's rapidly growing technology sector. Read on to meet these disruptors, innovators and prepare to be get inspired."
Did you know that the SEPA Direct Debit scheme facilitates over 20 billion transactions a year in Europe?
Check out this comprehensive guide to see if SEPA Direct Debit is one of the payment methods that your business should be offering to clients.
Remember that offering the right payment methods for your industry & location can have a big impact on business growth.
The Human Chain Open Banking - The Future of Payments White Paper V1.1Brendan Jones
The document discusses how regulation and new technologies are driving changes in the banking and payments industry. It outlines how the Payment Services Directive 2 (PSD2) aims to foster innovation by requiring banks to provide third party access to customer account information and payment initiation through APIs. This will allow new entrants like fintech companies to develop services that aggregate customer data from multiple accounts and initiate payments directly from a customer's bank account. PSD2 has the potential to significantly disrupt the traditional banking model and payments landscape by enabling more competition and greater consumer choice of financial products and services.
Examining Country: Specific Regulations Related to Money TransferArief Gunawan
This document discusses regulations related to international remittances and mobile banking in several countries. It examines country-specific rules regarding money transfer services, electronic money, and the roles of banks, mobile network operators, and non-bank agents. Case studies from countries like Russia, Moldova, Kenya, the Philippines, India, and Bangladesh are presented, outlining different regulatory frameworks and business models for remittances and mobile payment systems. Challenges in balancing telecommunications and banking regulations are also addressed.
1. The document discusses the implications and opportunities presented by the implementation of the Single Euro Payments Area (SEPA) for banks and financial institutions.
2. SEPA will standardize credit transfers, direct debits, and card payments across Europe, representing significant changes to payments strategies, infrastructure, and compliance requirements for banks.
3. Banks face challenges such as high implementation costs, aging legacy systems, and new competitors, but may also benefit from opportunities like increased geographic reach and lower transaction costs.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-Ecosystem💡 David Baratta
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Is SEPA a boon or a bane to Banks ?
1. Is SEPA a Boon or Bane to Banks? Page 1 of 7
Abstract............................................................................ 2
SEPA Compliance – The New Mandate for Banks............................. 2
Key Challenges.................................................................... 4
Conclusion......................................................................... 5
References ........................................................................ 6
About the Author ................................................................. 7
About L&T Infotech .............................................................. 7
contents
Is SEPA a Boon or Bane to Banks?
A U T H O R : S W A P A N P A L I T
2. Is SEPA a Boon or Bane to Banks? Page 2 of 7
Abstract
Post the global financial crisis, as banks struggle to survive and grow, SEPA presents an
impending opportunity to increase their customer footprint. SEPA compliance is becoming a
mandate, and while banks have to satisfy a number of requirements to become SEPA-
complaint, it is best for them to seek support from external entities to assess their
requirements and work out the right strategy for compliance.
Transition to SEPA remains the foremost concern today with the European Parliament and EU
Council imposing mandatory uptake deadlines for SEPA-compliant Credit Transfers (SCTs) and
SEPA-compliant Direct Debits (SDDs). As per the SEPA migration report published by ECB in
March 2013, payment service providers are lagging behind with preparations for SCTs and
SDDs.
While SEPA offers a number of benefits and opportunities, it also brings up a number of issues
that banks must deal with. To address these issues, banks will have to effectively collaborate
with their customers and accordingly develop innovative products and services that can
provide a viable source of income as well as a sustainable competitive advantage.
Specifically, banks need to engage with their corporate clients if they are to realize wider
opportunities made available by SEPA.
SEPA Compliance – The New Mandate for Banks
In the aftermath of the global financial crisis, as banks struggle to survive and grow, it has
become imperative for them to focus on their business fundamentals like profitability and
client relationship management. Hence, banks have increasingly begun looking for ways to
reduce operational costs, improve client retention and acquire new customers. In such a
scenario, SEPA compliance presents an impending opportunity to increase customer footprint
through superior value proposition, lower costs and simplified processes.
SEPA or the Single Euro Payments Area is a payment-integration initiative of the European
Union for simplification of bank transfers denominated in euros. The project deals with the
implementation of the Euro across Europe and consists of a series of initiatives that attempt
to eliminate the difference between cross-border and domestic euro payments.
In order to accomplish its goal, SEPA has introduced a set of common instruments and
infrastructure for retail payments along with a set of rulebooks and frameworks that govern
the working of the same. These instruments, infrastructure and standards together allow
users to make both domestic and cross-border euro payments across Europe under the same
terms and conditions. Under SEPA, it will be possible for users located anywhere in Europe to
make euro payments anywhere across Europe using a single bank account and a single set of
payment instruments.
One of the key benefits that SEPA offers to banks is the ability to use the same instruments
and infrastructure to make payments across Europe irrespective of their location within the
continent. This means that a bank operating in multiple European countries can now follow a
single set of standards for euro payments across all these countries. In other words, all its
systems across different European countries can now speak the same language. This
standardization and simplification of payment processes can result in huge operational
savings. Further, a common set of payment standards also offers an opportunity for banks to
expand business and offer their euro services to customers located across Europe. Banks will
be able to offer their euro services to anyone in the SEPA region (subject to licenses and
regulatory approvals). This in turn will result in higher revenues for the banks and better
products and services for end users. Ultimately, it may lead to foreign banks entering new
countries, leading to increased competition, improved interest rates for consumers and wider
choice of access across Europe.
3. Is SEPA a Boon or Bane to Banks? Page 3 of 7
Transition to SEPA remains the foremost concern today with the latest SEPA newsletter
estimating the share of SEPA-compliant Credit Transfers (SCTs) and SEPA-compliant Direct
Debits (SDDs) as a percentage of the total volume of credit transfers and direct debits
generated by bank customers at 38.2% and 2.3% respectively. This consistently low uptake
record resulted in the European Parliament and EU Council imposing mandatory uptake
deadlines for SCTs & SDDs last year. A deadline of 1st February 2014 has been set for Euro
area countries while the deadline for member states with other currencies has been set to
31st October 2016.
SEPA compliance is a mandate for a bank that wishes to offer euro payment services to
customers in a SEPA country with all its payment products and back-office payment processes
meeting the new SEPA requirements set out by the SEPA Rulebooks. The following
requirements have been defined by the European legislation and SEPA Rulebooks:
Become SEPA Scheme Participant by signing the respective Scheme Adherence Agreement
Become operationally ready to process SEPA compliant payments
Connect to a SEPA-compliant PE-ACH so that the bank is reachable to any other bank in
the SEPA region, and similarly, is able to reach out to any other bank in the SEPA region
In order to become operationally ready, a Bank needs the following solutions:
Software for processing SEPA Credit Transfer and SEPA Direct Debit payments
Software for converting and validating IBAN and BIC formats
Software for connecting and integrating various stakeholders in the payments value chain
In addition to the above, in order to exploit the various benefits that SEPA offers, banks might
also opt for the implementation of a payment services hub that would enable them to process
all payments from a central location.
An AT Kearney study suggests that many banks had initially underestimated the challenge of
renewing payment applications with the necessary industrial strength to last. Further,
according to the research, most banks today are seeking to strengthen their applications by
using converters or are unveiling completely new applications. Also, some banks are taking
SEPA as an opportunity to reconsider their payment and collection strategies.
In our opinion, in order to fully explore benefits that SEPA can offer, banks should seek
external support; a partner capable of studying their requirements, determining their state of
readiness, evaluating various strategic options and identifying the right strategy for SEPA
compliance.
SEPA migration varies from country to country and as per the SEPA migration report published
by ECB in March 2013, Payment Service Providers (PSPs) are yet to complete preparations for
SCTS and SDDs. Limited progress has been noticed for both, SCTs and SDDs, in making
customer servicing channels SEPA-compliant. In fact, progress of preparation for SDDs is even
lower than that of SCTs. This is a major area of concern since all payment orders that are not
submitted to the respective PSP in the formats stipulated by the SEPA Migration End-date
Regulation will be rejected by the PSP. After the migration end date, banks will no longer
transfer non-compliant payments to clearing houses and failure to use the SEPA-compliant
format will result in unnecessary delays and costs for the bank’s customers.
4. Is SEPA a Boon or Bane to Banks? Page 4 of 7
Key Challenges
Banks implementing SEPA are being confronted with a number of issues today. Major concerns
include:
The need to replace revenue lost from lower cross-border transaction charges
Meeting the cost of compliance
Dealing with new competitors
In order to address these challenges, banks will have to collaboratively work with their
customers and develop innovative products and services that cater to all customer
requirements. While banks reconnect with their customers, understand their requirements
and address them, they will also have to ensure the new products and services create
sustainable competitive advantage and a viable source of income for themselves. Learning the
art of effectively cross-selling products to different customer groups will also be very
essential. In other words, SEPA is forcing banks to become more innovative and efficient in
managing their payments businesses.
SEPA offers a plethora of opportunities that enable banks to grab significant corporate market
share. Banks can take maximum advantage of the situation to expand their business and cater
to customers across Europe while simultaneously reducing costs by using a single set of SEPA
instruments and simplified payment processes. Additionally, by offering various value-added
services like e-invoicing and e-reconciliation, in conjunction with the SEPA instruments, banks
can significantly improve the value proposition of their offerings.
5. Is SEPA a Boon or Bane to Banks? Page 5 of 7
paymentnotification
Debtor Bank
CustomerCustomer
Creditor Bank
paym
entnotification
ABC Company
Country A
ABC Comapny
Country B
Collections
management
Mandate
management
e-invoice
One or more
service
providers
e-invoice
Creditor mandate flow
Fund
management
Money Market
Invoice
Management SDD
Clearing and
Settlement
SystemReconciliation
Service
Net Bank
e-invoice
e-invoice
ERP System
CRM System
A
standingorder
statement
mandate
Consider a scenario where a bank offers a number of value-added services like mandate
management, invoice processing, payments reconciliation and fund management in addition
to basic payments and collections processing in an outsourced payment factory-style setup.
In the SEPA world, such an arrangement would not only decrease the corporate burden but
would also provide a viable source of income to the bank. Once migration to the new SEPA
payment instruments is complete, banks will be able to increasingly shift their focus towards
offering such additional optional services that can be built on the foundation of these SEPA
instruments.
Conclusion
SEPA is by no means the end of payment regulation in Europe. Authorities are already
planning additional regulations. For example, the Payment Services Directive (PSD) is
currently being reviewed by the Commission. SEPA also needs to be leveraged and introduced
to new sectors of the economy such as e-commerce and m-payments. This would offer more
opportunities for banks to build and offer innovative products and services that will enable
them to grow and acquire new customers. Furthermore, such developments will also give a
new impetus to SCT and SDD as payment methods and improve their uptake. While ’change’ is
soon approaching, Building Societies need to carefully consider their payment strategies
against the backdrop of this shifting European landscape.
6. Is SEPA a Boon or Bane to Banks? Page 6 of 7
Abbreviations and Acronyms
EU European Union
ECB European Central Bank
SEPA Single Euro Payments Area
PE-ACH Pan-European Automated Clearing House
SCT SEPA-compliant Credit Transfer
SDD SEPA-compliant Direct Debit
IBAN International Bank Account Number
BIC Bank Identifier Code
PSP Payment Service Provider
PSD Payment Services Directive
GUI Graphical User Interface
References
SEPA Migration Report, ECB, March 2013
Banks Preparing for SEPA, Issues to Be Addressed to Achieve SEPA Compliance, Updated
Version, EBA
SEPA – Information for IT providers, Version 1.0, September 2009, EPC
Are Europe’s Banks ready for SEPA and Beyond, AT Kearney
SEPA Newsletter, April 13, EPC
SEPA: Reaping the benefits of strategic payments management, CSC
7. Is SEPA a Boon or Bane to Banks? Page 7 of 7
About the Author
Swapan Palit is a Senior Consultant in the payments space with L&T Infotech.
He has been with L&T Infotech since 2006 and brings along an overall
experience of over 10 years in IT and financial services. He has extensive
experience in requirements management and has successfully executed various
payment-related assignments. Swapan has an MBA from San Diego State
University, USA. He is also an AIPMM Certified Product Manager.
About L&T Infotech
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by Forbes among World’s Most Innovative Companies in a 2012 study of global corporations)
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Company prides itself on a culture of training and mentoring. Coupled with a work ethos that
encourages innovation, the Company lists high among the best companies to work for. L&T
Infotech is differentiated by its unique Business-to-IT Connect which emerges out of its rich
corporate heritage.
For more information, visit us at www.Lntinfotech.com or email us at info@Lntinfotech.com
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