1 March 2013
Milestone for Equens: one billion SEPA transactions processed
Equens, the largest pan-European payment processor, reached the magical number of one billion SEPA transactions last week. This is a very impressive number and one that we are very proud of, here at Equens. However, this volume also shows that the market is not yet fully prepared for the transition to SEPA. With the deadline of February 1st 2014 approaching quickly, we know that there is still some work to do.
Since the introduction of SEPA Credit Transfer (SCT) in January 2008 and the introduction of SEPA Direct Debit (SDD) in November 2009, the number of SEPA transactions has strongly increased. Although Equens’ systems were fully prepared for large SEPA payment volumes from the first day, it still took almost five years to reach the one billion milestone.
In 2012 SEPA payments accounted for only 4,3% (446 million out of 10,4 billion) of all payments processed by Equens.This statistic clearly highlights the need for a rapid change and places an increasing pressure on banks and organisations. It’s obvious that with only one year to go until the official implementation, a lot of organisations still aren’t prepared for the final migration to SEPA.
Reaching the one billionth SEPA transaction is the result of an early and intensive preparation for the introduction of SCT and SDD. Our investments in our high-performance payment system are starting to pay off. Although the SEPA format creates a much higher data volume, our system currently processes up to 10 million SEPA payments per day without problems. Despite this achieved milestone, however, the European payment market still has a long way to go to the final SEPA migration next year.