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SEPA 2014 - the European Central Bank Reiterates: “Everybody Has to be Ready on 1 February 2014 or Risk Disruptions in Their Individual Handling of Payment Orders.”

European Central Bank publishes second SEPA migration report and warns against risks of 'Big Bang' migration scenario

30.10.13 By Wiebe Ruttenberg and Gergely Kóczán

On 24 October 2013 the European Central Bank (ECB) published its second SEPA migration report, analysing the state of play in euro area countries in creating a single market for credit transfers and direct debits in euro across Europe. European Union (EU) law effectively mandates migration to SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) in the euro area by 1 February 2014. The report shows that migration to SCT is generally progressing swiftly. However, most stakeholders will only be migrating to SDD in the last few months before the deadline. This approach generates operational risks and limits the ability to tackle any issues or unexpected developments that might arise during the changeover period. While the overall preparedness of payment service providers (PSPs) seems satisfactory, many of their customers, particularly small and medium-sized enterprises, still face significant challenges in terms of being sufficiently prepared in time for the changeover. In this article, Wiebe Ruttenberg, Head of the Market Integration Division and Gergely Kóczán, senior market infrastructure expert in the Directorate General Payments and Market Infrastructure of the ECB summarise the main findings of the second SEPA migration report. The authors reiterate: “Everybody has to be ready on 1 February 2014 or risk disruptions in their individual handling of payment orders. After 1 February 2014 PSPs will not be allowed to process payment orders that do not comply with the legal requirements as laid down in applicable EU law.”

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Mercredi 6 Novembre 2013

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