Equens is ready for bulk migration towards SEPA
25-01-2012
The scheduled end date of the migration to SEPA is drawing nearer, as it looks like the introduction of SEPA Credit Transfers (SCTs) and SEPA Direct Debits (SDDs) will become a reality in February 2014.
Equens has always believed there should be a fixed deadline, as this will contribute to a swift migration. We feel the European banks will only be able to benefit optimally from economies of scale and the resulting cost savings after the migration has been completed.
That is why Equens has been investing in preparation for SEPA over the past few years, and the number of transactions we process is steadily increasing. In 2011, the number of transactions tripled compared to 2010.
Between 28 January 2008 and 1 January 2012, we processed 470 million* Single Euro Payments Area (SEPA) transactions. The vast majority of these transactions were SEPA Credit Transfers (SCTs), while the remainder – close to half a million – were SEPA Direct Debits (SDDs). In 2011, we processed a total of 310 million SEPA transactions. Compared to 2010 – in which we processed 105 million SEPA transactions – this represents an almost threefold increase.
Equens currently processes SEPA transactions for banks and between Clearing & Settlement Mechanisms (CSMs) from sixteen European countries. The number of SEPA transactions in all geographies has increased, the majority of transactions originate from Belgium, Finland and Germany. Since the introduction of both SCT and SDD, transaction volumes have shown progressive growth (see graphs).
* Consisting of SEPA transactions within banks (intrabank) as well as between banks (interbank).
