As a result, businesses will have an extra period of six months to prepare their systems for accepting Sepa credit and debit transfers before legacy payment instruments are blocked. The decision has been taken in light of migration data which indicted that a substantial number of market participants and particularly SMEs would not have fully migrated to the new common standards by 1 February.
Recent statistics released by the European Central Bank show that Sepa migration rates picked up strongly in December, with 74% of credit transfers and 41% of direct debits in the EUR area already Sepa-compliant.
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