New term for the implementation of SEPA

The European Commission has agreed to postpone to 1 August 2014 the end-date in the euro area for the migration of domestic and intra-European credit transfers and direct debits in Euros towards Single Euro Payment Area (hereinafter referred to as «SEPA«) credit transfers and SEPA direct debits.

The rationale behind the decision of the CE is granting legal certainty and avoiding any discontinuity to the application of regulation 260/2012.

Considering the fact that SEPA will involve the modification of bank accounts, transfer orders and credit/debit cards, it is easy to understand how important granting a right implementation of this new system is, which should be effectively achieved through the aforesaid extension for a period of 6 months.

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