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The European Central Bank has published on 24 October 2013 its second report on migration to the Single Euro Payments Area (SEPA), analysing the state of play in euro area countries in creating a single market for credit transfers and direct debits in euro across Europe. The report also provides guidance on managing the transition process.
1 February 2014 is the deadline established by European law for euro area countries to migrate to the SEPA credit transfer (SCT) and SEPA direct debit (SDD) schemes. With only 100 days left to go, the changeover process is now entering a critical phase. The information compiled by the ECB and the euro area national central banks show that many key stakeholders have decided to migrate only in the last quarter of 2013, or even later....
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