SEPA Migration Deadline Set at February 2014
The European Commissioner for Internal Markets and Services, Michel Barnier, welcomes agreement by Council and Parliament establishing SEPA migration end-dates.
"Today's agreement by the European Parliament and the Council represents a significant step towards a truly integrated market for electronic retail payments in euro.
By February 2014 SEPA credit transfers and direct debits across the euro area will be as easy as domestic payments within one country are now. The reasonable transition periods applied will allow customers and banks to get used to the adjustments in domestic payment transactions, provide legal certainty, avoid the cost of operating dual payments systems and bring forward the substantial future benefits of SEPA.
For a successful SEPA migration, banks, merchants, national public authorities and national central banks should commit to stressing and marketing actively the importance of SEPA products and services by facilitating IBAN migration and by considering the launch of appropriate publicity campaigns."
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