LONDON, 7th October 2005; Voca the leading secure transaction processor, today announces the results from its payments survey* conducted at the international banking conference SIBOS last month.
* 67% of respondents ranked the delivery of the Single European Payments Area (SEPA) in 2010 as critical or very important
* Delivery is the chief area of interest regarding SEPA for managers, followed by its integration and securing cost benefits
* 21% cited dealing with new regulation as their single biggest management challenge
* Security (39%), including business continuity and fraud prevention,
achieved the highest 'critical' rating for a payments issue
SEPA's role in uniting Europe and promoting its competitiveness were widely referenced by respondents who generally believed SEPA was inevitable and will bring significant benefits to banks and customers. Meanwhile, the role of regulation produced a consensus that the payments industry will deliver a better solution unregulated, and with some consolidation. As a result regulation was seen mainly as a tool to invoke only if delivery dates were seriously jeopardised.
Marion King, CEO, Voca, commented on the findings; "It's great to see a clear appreciation of SEPA's benefits and the need for action now. Responses also show that the role common standards and volume consolidation play in delivering a successful SEPA are recognised."
With the SEPA agenda advancing, the selection of an expert processing partner is a pressing concern for the industry as it seeks to secure business and customer's benefits. Voca's own capabilities are currently benefiting from a technology renewal programme that streamlines transactions with an innovative technology stack to offer a virtually limitless capacity to manage and process consolidated SEPA volumes.
The survey also provides industry views on new media payments, the financial supply chain and SWIFT integration - please request a copy of the research findings.
* Voca's payment survey was launched on the 1st of September and promoted at Sibos 2005, www.sibos2005.com. The results are drawn from the 86 responses received from manager level individuals associated with the payments market including international banks and solution supplier employees.