This EPC Newsletter offers information supporting payment service users (PSUs) in the euro area to get ready for the SEPA by 1 February 2014, as effectively mandated by the SEPA Regulation.
In his article, Javier Santamaría, Chairman of the European Payments Council (EPC), comments: Early movers on the demand side who reported on their SEPA migration experience in the EPC Newsletter confirm that implementation of the harmonised SEPA payment schemes and technical standards is beneficial, but requires careful planning. PSUs have to implement significant changes to their operational models. They have to invest in system upgrades, testing and staff training. The scope of the changes is extensive.
On 29 February 2012, the EPC launched a five-part blog series which highlights the lessons learnt by PSUs handling major payment volumes who have already successfully concluded migration to SEPA Credit Transfer and SEPA Direct Debit. In February 2012, these SEPA pioneers - who started migration-planning as early as 2007 or 2008 - unanimously recommended that organisations, which have yet to adapt systems and operations to the SEPA payment instruments, become active immediately.
Santamaría highlights best practice identified by early movers on the demand side to get ready for SEPA. Organisations now working towards achieving compliance with the SEPA Regulation by 1 February 2014 in the euro area are invited to take advantage of the numerous resources offered by the banking industry and other service providers to support market participants during the transition
Press release
Full newsletter
© EPC
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article