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SEPA in Germany: Mission Accomplished

Edith Rigler, gtnews Freelance Consultant | 22 August

“Die SEPA Umstellung wurde in Deutschland zum 1. August 2014 abgeschlossen”. With this short, simple statement the German Central Bank (Deutsche Bundesbank) announced that the single euro payments area (SEPA) had been implemented in Germany on 1 August 2014. Yet it hardly does justice to the complexity, breadth and scope of SEPA - a process the European central Bank (ECB) has rightly called “one of the largest financial integration projects in the world”.

Case Study: Siemens Introduces CNY as a Global Invoicing Currency

Stefan Harfich, Siemens AG | 22 August

This case study, which is based upon an entry that won the Payments category at the gtnews Awards 2014, explains how Siemens AG now offers Chinese yuan (CNY), also referred to as renminbi or CNH in Hong Kong, as an additional currency so that its group companies outside of China can pay third party suppliers and collect from third party customers in China and within Siemens. As well as making CNY a global invoicing currency, Siemens has eliminated its old hedging programme and is moving its exposure offshore to a more competitive environment.

SEPA: Mission Accomplished or Work in Progress?

Joanna Wright, Fundtech | 21 August

Having insisted that the 1 February 2014 deadline for corporates to complete migration to the single euro payments area (SEPA) was non-negotiable, at the eleventh hour the European Commission agreed to a six-month extension and moved the date back to 1 August. The concession was granted as it became clear that many electronic payments in Europe would otherwise fail.

The SEPA Initiative: Time’s up! Or is this Just the Beginning?

Michael Burtscher , Credorax | 21 August

The single euro payments area (SEPA) initiative set forth with the aim of simplifying bank transfers in euros between 33 countries. Unfortunately, soon after its launch the project became mired in confusion and was unclear as to how it would be carried through at a national level. There was an evident lack of preparedness for SEPA’s mandated legislation that included direct debit and data management. It also quickly became clear that a majority of organisations would be unable to meet the original 1 February 2014 deadline.