The paper states that whilst the SEPA landscape is still far from clear despite the End Date regulation proposal, there are already concrete steps that financial institutions and infrastructures can take to reduce the pain and get ahead of the game:
- Act wisely - have a clear view of your ambitions and those of your competitors in the European retail payments space and size investments accordingly whilst remembering that cheaper is not necessarily better.
- If you do have ambitions in the European retail payments industry, go for the "no regret" messaging solution; that which is future-proof and of which the price remains stable and predictable over time.
- Analyze, map and prioritise all payment flows that will need to be migrated - this is a must.
- Based on the facts that are known today, plan ahead and foresee alternative scenarios, including the possible need for "backward or switch compatibility" should external factors impact the project.