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Opinion piece: How can banks and corporates work together more effectively to generate value?
SEPA is here but the market hasn't seemed to notice. Too much uncertainty still exists on key aspects of SEPA, including pricing. A majority of corporates are dissatisfied with the basic SEPA instruments. Without Additional Optional Services (AOS) and more flexibility in The European Payments Council (EPC) rulebooks, SEPA will have serious trouble in reaching a critical mass. It is time for a new roadmap, this time one shared by all stakeholders. Payments are becoming a commodity and SEPA will make banks lose revenues. The European Commission is holding out a big 'carrot' to them — e-invoicing. The EC Expert Group must draw the 'framework' that allows e-invoicing to take off, especially with small and medium enterprises (SMEs). Banks hope to play a major role and to discover new sources providing financial supply chain (FSC) dematerialisation and trade financing. The European Association of Corporate Treasurers (EACT) is participating in the effort with its Corporate Action for Standards (CAST) projects
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