Milan, 27^th October 2008 - Nine months on from the launch of SEPA (Single Euro Payments Area), the European payments system presents a situation that is not wholly in line with expectations. This is the picture that emerged today over the course of the third edition of the International Payments Summit "DO YOU SEPA?" organized by the SIA-SSB Group and held at Palazzo Mezzanotte in Piazza Affari, Milan.

The demand from businesses and consumers for more efficient services, both in terms of technology and prices, does still not seem to be adequately met by the new payment instruments available.
"Among the reasons for this delay"- said Carlo Tresoldi, SIA-SSB Chairman - "there is above all the perception that the diversified offer, which still includes pre-SEPA payment instruments, could represent an economic advantage for the financial operator. To this is added a European regulatory framework that is not totally clear: the completion of the PSD (Payment Service Directive), expected for November 2009, will in fact give Member States flexibility in adapting their national legislations to the Directive. Despite the efforts of the European Commission to arrive at adoption with a high degree of uniformity, there is the risk of at least partially inhomogeneous situations emerging".

"If SEPA were perceived by industry and business as a growth factor in the productivity of the system, and therefore in its competitiveness" - continues Tresoldi - "this would represent a turning point in the applicative impasse which has been created. SIA-SSB, as the primary technology provider at the service of the international financial community, has identified two fronts on which to work in order to safeguard SEPA from possible delays or postponements: on one hand the explicit political commitment of all the Member States to realize in the PSD implementation process a high degree of harmonization of the regulatory framework; and on the other hand acceleration of the adoption of the new SEPA compliant payment instruments by the Public Sector. At European level these P.A. bodies alone account for 20% of all payments in euros and 40% of GDP. In addition, P.A. represents 15% of market share in the area of credit transfers and collections".

"The condition of equal opportunities for all European citizens depends on the homogeneity of the services at their disposal, which in turn is closely tied to the uniformity of the regulatory context"- concludes Tresoldi. "If Europe's competitiveness depends largely on the degree of economic integration, then today SEPA is more than ever a crucial opportunity for the old continent".