Why Europe Is Not Ready For Virtual Currencies Like Bitcoin 3

The EBA, European Banking Authority, has been watching Virtual Currencies (VC) since September 2013. In December 2013, the EBA publicly highlighted various concerns due to the risks associated with unregulated virtual currencies. A few days ago on 4th July, 2014 the EBA went further and released an EBA Opinion on Virtual Currencies. In this publication ...

Mobile Payments for Newbies – Part 2 3

In the post Mobile Payments for Newbies – An Introduction, an overview of mobile payments and how mobile payments are made is provided. The post also covers the concept of ‘banked’ and ‘unbanked’, and highlights how mobile payments are meeting the needs of consumers and businesses in these 2 very distinct models. This post builds ...

SEPA Status – ECB SEPA Statistics – May 2014 2

As the August 2014 SEPA deadline looms, there is a keen interest from all SEPA stakeholders to understand the share of SEPA transactions as a percentage of the total volume of payments and direct debits in the SEPA zone.  Generally the SEPA implementation rate is increasing, but as this article indicates (even based on May ...

Mobile Payments for Newbies – An Introduction 6

There is a lot of hype around mobile payments, almost on a daily basis we’re hearing news about either a new mobile payment service or of a company / partnership that has / intends to enable mobile payments. The mobile payments ‘revolution’ is happening right around us in various ways. This is the first of many posts that will ...

SEPA Banks Must Do Better

The recent post SEPA Holidays 2014/2015 – YOU Need To Know These Dates highlights the importance of communication and awareness in the ‘new’ SEPA world. The crux of the issue is that we have a ‘clash’ between various national public holidays along side SEPA processing days. For example, yesterday (Thursday 29th May, 2014) many European ...

3 Things You Ought To Know About SEPA BIC 4

During the course of various SEPA implementations I started to realise that the BIC (Bank Identifier Code) requirement was something to get an understanding of early. The BIC value is one which has various requirements depending on country, transaction type and bank. This post runs through the requirements and highlights three ways in which the BIC ...

SEPA Mobile Payments – An Introduction 5

When it comes to payments, there is a tremendous amount of buzz around mobile money payments. Its fair to say that various countries in Africa are leading the way when it comes to mobile money payments, and other regions are looking at the success and wondering if the model can be replicated. The EPC has released ...

EPC Launches 3 Month Consultation On the Evolution of SEPA 1

With less than 3 months to go until the 1st August SEPA deadline, today the EPC launched a 3 month consultation period on possible changes to the SEPA Credit Transfer and SEPA Direct Debit rulebooks. This post examines the details of the announced consultation period, and offers some personal thoughts around the need of this ...

SEPA Holidays 2015 / 2016 – YOU Need to Know These Dates! 6

Normally when you hear about public holidays in other countries you don’t pay too much attention, why should you? In the ‘old days’ of national clearing systems your euro currency payments and direct debit collections were processed according to your national work days and you knew exactly when there was a national public holiday. With ...

MT940 Format Overview 10

It is fair to say that most SEPA implementations are focusing on SEPA compliance, and rightly so! This focus will ensure that corporate payments and direct debit collections can continue to happen uninterrupted after the SEPA deadline. The spotlight for now is very much on the corporate to bank space. Less attention is being given ...