The SEPA End Users Committee in Europe (the EUC) has officially written to the European Payments Council to warn the banks about the risk of not meeting any of the additional security requirements expected by a vast majority of the users of Direct Debits in Europe.  

The EACT continues to play a key role in expressing to the European Commission the concerns felt by companies across Europe about the adverse consequences, for funding and risk management in particular, of the proposals being developed.  In order to demonstrate to the Commission how widespread is the support across Europe for the EACT’s position we have organised a letter to the EU Commissioners. The EACT’s press release is here.

When it was released the letter had been signed by 164 companies – ranging in size from some of the very largest in Europe to SMEs – and others have subsequently asked to add their names.  The EACT will seek to make further constructive contributions to the Commission (and also to the European Parliament), with a view to ensuring that when the proposals reach the legislative approval stage they are suitable aligned with best practice in risk management and the well-established use of OTC derivatives by non-financial companies.