What SEPA means for banks in Asia
James Hatcher, managing director of Seeburger Asia Pacific, feels that SEPA offers a unique opportunity for treasurers in Asia to implement more efficient payments practices.
The increased trade between Asia and Europe is driving payment activities between banks within these two markets. To alleviate the security issue while at the same time to increase pan-European competition in the payment industry, the Payment Services Directive (PSD) has been introduced as law across the European Union (EU) since 1 November 2009. Banking is now truly global and yet security risks for fraudulent financial activities and hacking to cull personal and private corporate information are at an all-time high. All financial institutions that participate in international trade need to be aware of the proper security standards and global compliance regulations.
Categories: Operational Risk & Security
, Risk and Regulation
, Technology & Operations
, Transaction Banking
Keywords: James Hatcher
, European Payments Council