Digital Finance, Cryptofinance Daily News | Innovation, Transformation


              



SEPA 2014 - the State of Play (October 2013): a Large Majority of Stakeholders Are Expected to Meet the 1 February 2014 Migration Deadline. Late Movers Must Catch Up. Now.


The most significant risk to business operations is non-compliance, i.e. failure to meet the SEPA migration deadline applicable in the euro area mandated by EU law



30.10.13 By Etienne Goosse

In February 2012, the European Union (EU) legislator, (i.e. the European Parliament and the Council of the EU representing EU Member States), adopted the Regulation (EU) No 260/2012, which effectively mandates migration to SEPA in the euro area by 1 February 2014. In May 2013, the Council of the EU stressed that the provisions of Regulation (EU) No 260/2012 “have to be fully respected by all market participants” in the euro area. “Everybody has to be ready on 1 February 2014 or risk disruptions in their individual handling of payment orders,” said Benoît Cœuré, member of the Executive Board of the European Central Bank (ECB) in October 2013. He pointed out that this is also the position of the Council of the EU and the European Commission. Mr Cœuré added: “We have been emphasising the fact that both payments providers and users are responsible for being sufficiently prepared. And our message to them is still the same: don’t leave it to the last minute.” In October 2013, the ECB published the most recent qualitative SEPA indicators. These indicators reflect the assessment by national central banks as of the third quarter of 2013 with regard to SEPA readiness of payment service providers, corporates, small and medium-sized enterprises (SMEs) and public administrations in the 17 euro area countries. This data shows that further efforts are required to ensure, in particular, SEPA readiness of euro area SMEs. Etienne Goosse reports.

Read more:
http://www.europeanpaymentscouncil.eu/article.cfm?articles_uuid=F9D39619-5056-B741-DB4E2DB692DA9CCD&utm_source=em_epc_newsletter&utm_medium=email&utm_campaign=issue20

Jeudi 7 Novembre 2013
Notez


Nouveau commentaire :
Twitter

Your email address will not be published. Required fields are marked *
Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *

Les derniers articles publiés sur Finyear

Recevez notre newsletter quotidienne comme plus de 40.000 professionnels de la gestion et de l'innovation financières


LE TRESORIER


Cryptocurrencies


Finyear - Daily News