The credit crisis has undoubtedly changed the banking landscape forever; it has also called into doubt the vision of a Single Euro Payments Area (SEPA).
TowerGroup estimates that the banks are already significantly behind in the level of SEPA take-up that could have been achieved.
The point of no return has been reached by SEPA, and to continue at this current level of commitment would be the worst case scenario.
Bold, decisive steps are required by both the European Payments Council (EPC) and the European Central Bank (ECB) to set an explicit end date for SEPA to become effective Europe-wide.
TowerGroup believes that the date for SEPA to take effect should be 2014, a date that balances the need for SEPA with time for the banks and corporates to make the necessary changes.
Even with an end date of 2014, many questions remain to be answered.