Author： Williams Jonathan
Publisher： Henry Stewart Publications
ISSN： 1750-1806
Source： Journal of Payments Strategy & Systems, Vol.1, Iss.4, 2007-07, pp. : 331-341
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Abstract
Changes to the payments landscape in Europe are far reaching and will affect many corporate organisations, including those for which European payments may currently seem a low priority. This paper examines the drivers for change and the plethora of regulatory and legislative changes that have resulted. Central to the issue are differing perspectives as to the meaning of 'Straight Through Processing' depending on an organisation's role in the payments process. This significantly affects perceptions of the success of payment systems. The paper examines a variety of strategic initiatives through which organisations can achieve efficiency in their payments processes, focusing in particular on the advantages of consolidating the payments function. It concludes by outlining specific action that organisations should take in the light of recent regulatory change, and offers general guidance on how to build a business case for change while minimising risk to existing business processes.
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