SEPA: additional transition period of 6 months
jeu., 16 janv. 2014 17:16:00 +0000
In order to protect companies and consumers in the European Union from any possible problems which could be caused by a SEPA migration (Single Euro Payment Area) for which the switch-over for payments and debits is not sufficiently high, the European Commission has implemented an additional transition period of six months.
The deadline for switch over to the SEPA system remains unchanged (1 February 2014) for all stakeholders in the payment chain. However, banks and payment establishments could process payments which do not comply with the SEPA standard until 1 August 2014, with the consent of their clients.
The Commission has however indicated that there will not be, between 1 August, any new transition period.
"The Single Euro Payment Area (SEPA) is an area in which over 500 million citizens, over 20 million companies and European local authorities may make and receive payments in euros in the same basic conditions and with the same rights and obligations, whatever their geographical location. The SEPA regulation, adopted in 2012, aims at making the European single payment market a reality. " reiterates the press release of the European Commission.