European Parliament agrees with new Sepa migration deadline

Wednesday 5 February 2014 13:03 CET | News

The European Parliament has agreed to the deadline extension for processing Sepa-compliant payment transfers by six months, to August 2014.

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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Keywords: European Parliament, European Commission, SEPA payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce