The meager figure remedied by the Italian banking system on the front of the migration to the Single European Payments Area (SEPA) is not a matter only for those employed in the IT techniques of the most widespread payment instruments such as wire transfers and direct debits (the latter practically payments in account of electricity, water, telephone and gas bills), but something that concerns everyone, because failure to achieve this goal brings with it higher costs (direct and indirect) both for consumers and for those virtuous banks and companies that have instead respected the deadlines .
As perhaps not everyone knows, February 2014, 100 ends the five-year period within which credit transfers and direct debits should all have the same European format, another important step towards the integration of services between the countries of the Union, introducing a common language in payment messaging, with associated benefits in terms of traceability of transactions, i.e. security and transparency, and efficiency, i.e. prices that can be determined on the basis of the underlying industrial costs, which are inevitably destined to fall due to the standardization of XNUMX billion annual transactions.
The commitment to complete the migration on time established since 2008, entrusted, under the stimulus action of central banks, to banks and businesses has been failed. Or rather, it has been fully implemented by some countries, less so by others, still less by a third group, to which Italy belongs.
Faced with this outcome, as is customary in the Anglo-Saxon world, it is necessary to practice the "name and shame", i.e. the nomination and shame and in the Latin one the much less practiced "we want the names" of those responsible. But let's first see the extent of the phenomenon, as can be seen from a series of press releases issued by both European and national authorities.
On 20 January, the ECB, providing data on migration to SEPA for the month of December (74% for wire transfers, 41% for direct debits) noted that the step towards the final goal had become much faster than to the previous month (respectively 64% and 26%) and was reasonably convinced that most of the participants in the enterprise would have completed the migration by the "end date" of February XNUMXst, with an invitation to make maximum efforts for the final rush.
See the graph below, from which it emerges that for all the countries work was concentrated in the last 15 months of the given period.
SEPA credit transfer and direct debit – Evolution of euro area migration (% of total transactions)
But see also the situation, indeed jagged, which can be obtained from this second graph which indicates the position reached by each country, including Italy, at the end of 2013.
Approaching the fateful date, the real slippage emerged in the path towards "the magnificent and progressive fortunes" of European payments, to the point that the European Commission, in open contrast with the ECB, extended the deadline by six months. And this, despite the position taken by the Eurosystem, which reaffirmed the validity of the final date of February XNUMXst, without, as far as it appears, sanctions for latecomers. With the virtuous (countries, banks, companies, payment institutions, IT outsourcers) thus making the figure of the usual fools.
The heartfelt, but perhaps also a little annoyed appeal for the final effort to the players involved by the Bank of France applies to all, in the best position among the major European countries, with its 84% for wire transfers and 61% for the debits according to data updated to the first fortnight of January.
It's Italy? In December, as can be seen from the graph, transfers made in Sepa format were only 39%, direct debits a mere 3%; in numerical terms no more than 250/280 million transactions passed to Sepa. And so everyone chasing a goal…failed. Barring improbable last-minute denials, I don't think there are many who hope for the big bang, the kidney stroke, the impossible that becomes possible, in short, the Italian miracle. And frankly, I too don't think that, in such cases, one can appeal to the spes ultima dea. Wasted time, indeed. At this point, the legitimate question is whether we will make it for the new deadline of August XNUMXst.
Certainly, to console themselves, some will say that even the great Germany is not among the countries in the best position. It is true. But just consider this. In Germany, payment transactions are 20 billion a year and 4/5 billion have in any case migrated to the SEPA standard. In Italy, payment transactions as a whole amount to 4 billion a year.
Of these 1,2 billion, i.e. more than a quarter, are not affected by the transition to SEPA, such as MAV, postal payment slips and bank receipts, which will remain strictly (and provincially) domestic, given that outside our country they are completely unknown. Card payments, on the other hand, amount to 1,8 billion. Was it really such a difficult feat for our system to get the remaining 800/900 million wire transfers and direct debits on time? Greece has a total of 300 million and, as ECB statistics say, almost all of them have switched to the new regime!
However, there was no shortage of reassurances about the good outcome for our country. And now the embarrassment cannot fail to be great, as can be perceived by reading the frantic technical circulars of the ABI which covered every derogation granted for the maintenance of national standards until August with the repeated interjection of "after consulting the Bank of Italy" .
Faced with this manifestation of inefficiency, the verses of the song Don Rafaè by the great Fabrizio De André come to mind: “Twenty pieces of news, twenty-one injustices and in the meantime what is the state doing? He is dismayed, indignant, committed, then throws in the towel with great dignity ”.
Last call. Anyone who can do something should do it, starting to publicly denounce banks, companies, IT outsourcers and singer companies who first assured that there would be no problems and then, at the last moment, brought out their deficits, counting on the extension, for more so far without sanctions, albeit provided for by European regulations. And in the end they won. As for our supervisory authorities, for once they come out of the certainty of being the best among the European ones. Unfortunately, the results of the banking system entrusted to their supervision do not seem to confirm this.
But realistically I believe that even this call to assume responsibility is destined to go unheard.
