Document Details Timeline and Responsibilities for SEPA Migration

Sept. 4, 2012

A European trade association representing international banks has simplified the Single Euro Payments Area (SEPA) migration regulation—which provides a timeline for financial institutions and service providers to meet certain criteria in SEPA’s establishment—into a document interested parties can consult to see what needs to happen when as the EU attempts to make cross-border payments easier.

“The SEPA migration regulation is an essential piece of legislation to provide certainty for all stakeholders as to the deadlines by which well known processes for national credit transfers and direct debits will be discontinued, and the adoption of new, pan-European processes will become mandatory,” according to a statement from the Brussels-based European Savings Bank Group (ESBG).

Because the migration will unfold over the next five years, the ESBG hopes its document will provide clarity for merchants, consumers and payment service providers regarding their responsibilities during the complicated shift to SEPA.