The European Parliament (EP) has passed the single euro payments area (SEPA) Migration End Date (SMED) regulation on its first reading. This new legislation aims to make it easier for citizens and businesses to transfer money and make payments throughout Europe, as it will enable quick transaction between banks and make multiple bank accounts surplus to requirements. The EP also believes this will ensure the elimination of hidden charges between banks and the saving of a potential €123bn in the next six years. The vote was passed by an overwhelming majority of 635 votes to 17, with 31 abstentions.
The EP has long said that migration deadlines for banks’ national credit transfers and direct debit payments to SEPA need to be enforced after conceding that self-regulation was not working quickly enough.
With the date for the definitive transaction less than 24 months in the future, some of Europe’s biggest banks and businesses will meet in Paris on 8 March 2012, to discuss the contents and implications of the SMED, in a one-day event that is free to attend for corporate treasurers.
Leading banks will meet with business leaders and corporate treasurers from companies including Logica, Teleperformance Group and Volkswagen at the conference organised by the international banking group, the IBOS Association, which has member banks in 28 countries.
The keynote speaker will be Olivier Bornecque, representative and former president of the French Corporate Treasurers’ Association (AFTE).
The event will be addressed by several international corporate treasurers, including: Olivier Brissaud, managing director of Volkswagen Group Services,, and member of the board of the European Association of Corporate Treasurers (EACT); Tim Allison, group treasurer of Logica; and Thierry Revah, group treasurer of Teleperformance Group.
Attendees will also hear from Dr Syed Kamall, member of the EP and of the Economic and Monetary Affairs Committee (ECON), which sets the regulatory framework for financial services and passed the SMED draft.
There will be a global overview from influential economist, Francois Letondu, strategist for HSBC France.
Individual IBOS banks will give a detailed description of what the SMED will mean in each of their respective, specific markets. This will give an insight into what the SMED will mean for corporate payments service users in each of the major markets of Europe.