SEPA introduction adjourned

SEPA introduction was postponed to prevent chaos

01/29/2014

Actually, the new payment system SEPA should be introduced on 01.02.2014. Now there is yet another 6-month transitional period to prevent chaos in payments.

Shortly before the deadline of 1 February 2014, the EU Council of Ministers agreed last week to reach an agreement with the European Parliament, according to which there should be a six-month transition period for companies for the new payment system SEPA (Single Euro Payments Area). Although the deadline for conversion remains 1 February 2014, payments will still be accepted until 1 August 2014 in a format other than the SEPA format.

The EU Commission had determined that the conversion rate was not high enough to ensure a smooth transition to the new system. Consumers can continue to use their account number and bank code until 1 February 2016. (Pm)