Important Payment Industry Change within the Eurozone - Update

    Update following announcement from the European Commission 

    The European Commission has recently published a proposal to keep the formal migration End Date in the eurozone unchanged (1 Feb 2014) but to allow a transition period of six months to ensure minimal disruption for consumers and businesses until 1 August 2014.

    This proposal still requires approval by the European Parliament and the European Council in order to become effective and will apply retrospectively.

    During this transition period, banks and other payment service providers can continue to accept and process payments that are non SEPA compliant through existing legacy national payment schemes. In practice this means legacy national payment schemes may continue to run in parallel with SEPA schemes (SEPA Credit Transfer and SEPA Direct Debit) in the Eurozone until 1 August 2014.

    Each jurisdiction has the ability to decide whether to take advantage of the transition period and, if so, for how long. If you operate euro accounts with different banks in euro member states, you should contact them individually to understand the approach each bank is taking following the transition period announcement. We would recommend, however, that you should continue to ensure SEPA readiness at the earliest opportunity.

    Click here if you wish to read more about SEPA End Date Regulation.

    Please contact a member of your Cash Management & Payments Sales team/International Business Manager or Relationship Manager, if you wish to discuss in more detail the impacts and opportunities arising from SEPA End Date changes.

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