Good background making the point that SEPA will result in reduced Bank revenue, and Banks’ should become a lot more pro-active in determining how to view this as a cost reduction opportunity, to mitigate that loss.
One way suggested, is to work closely with large corporations, in development of standards, and there are clues that exist, such as XML based communication.
At the end of the day, SEPA will come down to standards: Standardized payment processing is the name of the game, and it takes cohesiveness and collaboration to light the fire. Leading torchbearers for next-generation, XML-based standards for payment-related transactions include TWIST and SWIFT.
SEPA extends far beyond the intricacies of credit transfers, direct debits and card frameworks. While these all are important aspects of SEPA and are critical parts of the process, there are higher-level issues that need to be dealt with. Reducing processing costs by upgrading or replacing systems, tapping into corporate requirements and demands, and adopting common standards are all part of the bigger picture that will propel banks forward. This nirvana will not be reached overnight, nor will it necessarily be achieved for the 2010 deadline, unless parties can efficiently and systematically diminish confusion and work in unison.
Bankwatch 