Bacs, the company responsible for the schemes behind the clearing and settlement of automated payments in the UK, recently celebrated a major landmark:
100,000,000,000. That’s 100 billion. A pretty impressive number, especially when you think that:
- About 100 billion minutes age, the Roman Empire was flourishing and Christianity was emerging.
- About 100 billion hours ago, we were living in the Stone Age (the Middle Palaeolithic, to be more precise).
Late or missed payments can seriously damage a business.
They can reduce cash flow, take time and to resolve, and make a poor impression on valued customers. Because of this, Direct Debits are becoming increasingly popular with businesses of every size; from small companies that only need to process a few Direct Debit collections, to international organisations that regularly handle vast numbers of domestic and cross-border transactions.
Preparing for SEPA is about more than regulations. The right technology can make SEPA a major innovations enabler.
A new phase of innovation is about to sweep the payments industry of 32 European countries.
One source of that change might, at first glance, appear unlikely since one of the key drivers about to radically transform payments is not a new technology – or at least, not just a new technology. No, in fact, it’s a regulation. Compliance burden which – if handled intelligently and with the right technological support – has the opportunity to create new efficiencies, streamline processes and altogether revitalize the way organizations send and receive money.