I believe that – as was the case in these other industries – end-users, at least the younger and technology-proficient generation, will soon start to expect instant payments. Instant has the potential to become the new normal, and we will wonder how we were ever satisfied with payments arriving only on the next business day.
And make sure you do this in time because conversion services also involve more than just pressing a button and suddenly, all at once, you are SEPA-compliant. You also need some preparation time, particularly for collections. I hope, therefore, that conversion services will be included in banks’ discussions with clients who are at risk of missing the deadline.