Central Banking

Banks struggle with SEPA set-up

More than half of banks will not be able to comply with the Single Euro Payments Area (SEPA) initiative, which comes into effect in January.

This is one of the key findings of a poll conducted by technology news service FinExtra, which found that banks are unprepared for the initiative creating a zone comprising 31 countries in and around Europe where all electronic payments are viewed as domestic.

Martin Wilson, chief marketing officer at VocaLink, a company specialising in electronic

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