Latest SEPA Articles
The pressure to be compliant with the single euro payments area (SEPA) end date, originally 1 February 2014 before a six-month extension was granted, led many banks to adopt tactical rather than strategic solutions. Despite the addition of an extra transition period to bring credit transfers and direct debit payments into the SEPA format, some banks are still adopting a compliance-only approach.
Corporates are beginning to look about them and consider exploiting a time of necessary change to develop a slimmed-down treasury function that is both efficient and effective.
Having insisted that the 1 February 2014 deadline for corporates to complete migration to the single euro payments area (SEPA) was non-negotiable, at a late point in time the European Commission (EC) agreed a six-month extension to 1 August. The amendment for the additional transition period was officially adopted on 18 February 2014.
In this article, the European Payment Council’s (EPC) chair emphasises that the single euro payments Area (SEPA) remains a work in progress: European Union (EU) law defines the next SEPA deadlines as applicable in 2016. Corporates are encouraged to not stop at SEPA compliance, but to focus on generating the efficiencies. Last but not least, EU regulatory action intended to bring about ‘SEPA 2.0’ is now in the pipeline.