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e-SEPA - Where Do These Initiatives Stand ?

International Payment Summit 2011 Royal Lancaster Hotel, London. e-SEPA - Where Do These Initiatives Stand ?. 21 March 2011 Harry Leinonen. The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland.

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e-SEPA - Where Do These Initiatives Stand ?

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  1. International PaymentSummit 2011 Royal Lancaster Hotel, London e-SEPA - Where Do These Initiatives Stand? 21 March 2011 Harry Leinonen The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. Harry Leinonen

  2. SEPA initiatives seem to STAND still • Very slow uptake of SEPA in general 15% in 3-4 years • Finland is an exception, 50% increase in last 12 months • E-SEPA is dependent on SEPA as the basis to build on • End-date regulation progressing slowly – authorities in some countries want to postpone SEPA? • E-SEPA is dependent on SEPA as the basis to build on A clear and ambitious dead-line get banks and customers moving. Would an earlier regulatory intervention been a more efficient route compared to past 10 years? Harry Leinonen

  3. What is e-SEPA?:Increased automated e-integration • Common e-standards connecting to all banks in SEPA • Receivers’ e-reference (ISO RF) available throughout SEPA • e-mandates to automate direct debits in Europe • Common e-invoice service including cross-border usage • Common card and card transaction standards including expanded transaction e-info in-line with e-invoices • Common certified EFTPOS terminals and software • e-/m-payment solution for e-/m-commerce • e-discounts or lower e-tariffs on e-SEPA services (compared to old legacy services) Moving towards straight-through-processing in the common network environment towards a real-time economy Harry Leinonen

  4. ISO 20022 the basis for e-SEPA • For initiation of credit transfers, direct debits and card payments, e-payments and m-payments • For received payments/statements of accounts • For e-billing • For straight-through-processing including expanded references We need to get the common basis in place in order to support new developments! We need to get software vendors to implement SEPA. Vendors want completely common ISO 20022 implementation Harry Leinonen

  5. EPC internet e-payments objectives • Bank-driven alternative to current non-bank developments • Based on immediate acceptance but with t+1 SEPA credit transfer delivery • Current national competing models to find common solutions • Difficulties in finding common identification, security etc solutions? Merchants and consumers have problems with a large flora of competing non-standardized solutions. It is the lack of a common competitive bank solution, which provide a market for non-bank-, overlay- etc services Harry Leinonen

  6. Will the GSMA/Card system cooperationbreak the ice? • Simple solution: digitized cards in the mobile phones • Improved NFC-based customer interface in all new phones • Other improved features: ticketing, archiving, back-up • Do we need e-payments when we have m-payments? It seems that TELCOs are more innovative and faster to implement than banks A good m-payment services could cover a large demand of e-payment services Harry Leinonen

  7. Modern e-technology possibilities • Common standards used by everyone • XML is an improved data presentation model • XML provides improved possibility for data content updates and transporting data to relevant process • New possibilities in building common libraries of software modules for common use = standardization can take on large step forward The payment/banking industry need to seize the e-technology benefits already employed in other industries Harry Leinonen

  8. We need to stop protectinglegacy “steam-engine” systemsand instead start buildingmodern e/m-payment SEPA highwaysfor increased customer benefits Harry Leinonen

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