Danish banks ready for Sepa
Daily news headlines
PBS signs up 117 banks to its Sepa-compliant payments service
COPENHAGEN – Payments provider Payment Business Services (PBS) says it has signed contracts with 117 Danish banks to provide outsourced payment services compliant with the new Single Euro Payments Area (Sepa), before its launch next Monday.
Sepa is designed to remove cross-border barriers on payments by allowing them to be undertaken across the European Union as easily as if they were domestic payments within member states.
Denmark is not in the eurozone, but its banks – like those in the UK – will still need to comply with Sepa’s rules.
“Although Denmark is not a euro country, we are fully aware where the future market lies. We want to be ready in time, and we welcome that PBS, with whom we have a well-established business relationship, is capable of bringing this service to market,” says Anders Dam, chief executive officer of Jyske Bank.
By harmonizing payments across Europe, Sepa is expected to intensify competition, with the biggest banks predicted to consolidate their share of cross-border payments and smaller banks expected to outsource payments to providers such as PBS.
The first Sepa payment instrument for credit transfers is being launched by the European Commission, the European Central Bank and the European Payments Council on January 28.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
EU watchdogs to launch prop trader capital review in April
Prop traders say bank-style IFR rules are driving them out, but doubt EBA will suggest changes
Investors say new SEC disclosures may sit on shelf
Advisory committee questions value of rule 605 changes, even for retail investors
CFTC hears ‘call to action’ from swaps end-users on Basel III
Commissioner Pham mulls engaging with prudential regulators over capital hit on clearing
Iosco gears up for ‘intensive work’ on AI regulation
Watchdogs risk ‘falling behind the curve’, secretary-general warns; FSB also working on guidance
Deposit insurance could transform outlook for China TLAC
Issuance needs drop dramatically if regulators allow maximum inclusion of deposit insurance fund
Canada’s FRTB pioneers get snowed on fund-linked trades
As Basel capital reforms go live, risk managers eye early adopters’ progress and push to improve capital treatment of fund-linked products
Emir 3.0 threatens lag for Simm revisions
New EU rules could stall changes aimed at improving risk sensitivity of industry margin models
Most read
- Quants are using language models to map what causes what
- Reluctantly, CME moves to clear US Treasuries
- The bank quant who wants to stop gen AI hallucinating