Thursday, January 09 14:13:15
Today's announcement by the EU Commission that it is postponing implementation of the Single Euro Payments Area (SEPPA) is down to the "lazy" Irish and European banks, according to ISME today.
It slammed the banking system for its "lack of preparedness" in failing to ensure SEPA solutions were in place for the business community and the SME sector in particular.
The Association, however, welcomed the EU Commission decision, which will allow a smoother migration to the new system for many SMEs, on the assumption that the banks will now do their job properly.
Speaking today, ISME chief executive, Mark Fielding said: "Once more, as ISME had warned, the Irish banks have let us down by dragging their collective heels in the implementation of SEPA. It is regretful but proper that the EU has intervened to prevent a disaster because of bank negligence and mismanagement."
"Given more time it is now imperative that the Central Bank take a more active role in ensuring that at least the banks trading in Ireland will be fully ready by August. This will mean less error handling costs for business. It is essential that banks and payment service providers deliver good validation tools and test facilities to ensure that payments are successful by August implementation."