The Single Euro Payments Area (Sepa) has been praised for its benefits to the banks that embrace the up-and-coming system.
It was noted by Moti Porath of Fundtech that the introduction of the electronic approach to Sepa (eSepa) was attracting interest after the original questioning of benefits for the banks was met with a "wall of silence" and a subsequent lack of engagement with the directive.
He told Finance Week that with Sepa as a driving force, banks could use electronic systems to "revolutionise" their supply chain with customers to create a scheme from which everybody benefits.
Mr Porath cited the words of TowerGroup research director Gareth Lodge, who said: "Sepa gives the opportunity to change not just legacy solutions but legacy thinking.
"The regulation offers an opportunity for banks to reinvent their operations with an eye toward the future, not the past."
Upon the introduction of the eSepa, the European Central Bank said that it saw it to be both innovative and advanced in its attitude towards the pan-European payment market.
