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 countries celebrated Ascension Day. But yesterday was not a TARGET / SEPA holiday. So really ‘SEPA’ banks should have processed any submitted SEPA transactions. Some SEPA banks however, did not fully process submitted SEPA transactions because it was a public holiday in their country.
The Benefits of SEPA According to PwC highlights 3 types of Bank – local, regional and global. This post is primarily targeted towards the regional and global banks.
The shortfall…
During yesterdays public holiday some banks failed to process submitted SEPA transactions altogether. Some banks did process the transactions, but did not generate statement files so corporates were unaware of the status and unable to complete their payment / collection / reconciliation processes.
SEPA Banks need to think regionally…
Corporates need their banks to understand the regional and global reach of their business, and the importance of executing payments in a timely manner. With SEPA we start to peel away the European borders, and should be enabling payments across the Eurozone regardless of national holidays. As long as the TARGET / SEPA clearing systems are open, corporates / customers should be able to execute SEPA transactions.
SEPA Banks need to step up….
Granted these are early SEPA days, and we’re not ‘live’ across the region. But corporates need their banks to step up. Banks, its in your own interests!! Consider this, many corporates are aiming to rationalise banks across the SEPA zone.. Again, as long as the SEPA/TARGET clearing is open, the corporate will not want their SEPA transactions to be delayed due to a national holiday. As a bank, can you support this?
Corporates need their SEPA banks to share, in advance, if they will not be processing SEPA transactions due to a public holiday, TARGET closing day, or any other reason. In this now regional landscape, banks need to think and function regionally. After all that is the point of SEPA, isn’t it?
Were your SEPA transactions impacted by yesterdays public holiday? Share your experiences in the comments below…