In its Annual Activity Report 2010, the bank-backed EPC delivers a clear message: “Self-regulation by banks provides the most efficient means to create innovative, effective, secure and stress-resistant payment systems.”
The EPC’s message comes three months after the European Commission set out its proposals for EU-wide end-dates for the migration of national credit transfers and direct debits to Sepa instruments.
The EC says it was forced to make the move because self-regulation by the banks had failed, with minimal take-up of new payment instruments evident. Policymakers in Brussels noted that if the trend were allowed to continue, it would take 25 years for the full benefits of the Sepa to be felt.
The EPC has hit back at the criticism, saying that the “interference” of the Commission in payment scheme development is a worrying trend.
The migration towards SEPA has been painfully slow to the EC and ECB, but European banks are just not seeing a clear business case or enough incentives to quickly move their payment businesses towards SEPA-compliance.
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