Only 3% of UK businesses ready for SEPA

Published on Wednesday, December 12, 2012

A report from business service provider, Steria, shows that companies in the United Kingdom are far behind European competitors in the race to prepare for the Single Euro Payments Area migration in 2014.

The joint European Commission (EC) and European Payments Council (EPC) initiative, which aims to reduce the costs of cross-border electronic Euro payments, is due to replace all country-specific schemes by February 2014. While that seems a long way off, it's barely more than a year away, and it's paramount that businesses who make international transactions prepare for the deadline.

Worryingly, the report found that only a quarter of UK organisations have heard of the mandate - while 80% of those in France and Germany are aware. The pressure is on for UK businesses to discuss their global payments needs with their payments software providers, or they will be left behind their European counterparts come 2014.

The changes are a useful opportunity to analyse the payments process and find extra efficiencies while also preparing for the SEPA migration.