For those still adjusting their systems to become compliant with the rules of the Single Euro Payments Area (SEPA) – such as those in the Central and Eastern European region – it will be important to learn from the experience of those who have gone before them. Thanks to the large volume of transactions it processes (in excess of 20 million a month) and its decision to undergo a wholesale implementation, Enel offers a strong example to such firms.
Enel found the implementation process itself relatively simple, but encountered a number of issues with transactions in the immediate aftermath. They found that many counterparties had carried out insufficient tests on their new systems or were still using the old data format complications which caused numerous delays to their payments processes.
Collaboration with their partner bank was the key for Enel in overcoming these problems, as Ferndano Santini explains in FX-MM.
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