
Danish banks ready for Sepa
Daily news headlines
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
Market blocked in by volume caps on European DLT regime
Limited scope of pilot project risks holding back issuer and depository participation
SVB opens floodgates on liquidity buffers debate
European regulator says HQLAs should be booked at fair value, but not everyone agrees
SEC cyber rules risk creating web of confusion and costs
Proposals would require breach notifications, public disclosures and annual cyber assessments
Indonesia readies close-out netting after passing P2SK Law
Bankruptcy law changes remove close-out netting obstacles
Top 10 operational risks: The umpire strikes back
Tougher regulatory enforcement, new consumer rules and rise of ESG are ringing alarm bells
Behnam comments fan JSCC hopes for US client clearing
Japan clearing exec welcomes CFTC chair’s pledge to keep discussing OTC clearing status for non-US houses
SVB wouldn’t happen in Europe, says Deutsche CIB head
Campelli also thinks Credit Suisse’s bailed-in AT1 bonds acted as originally intended