Single Euro Payments Area

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Dakkus
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Re: Single Euro Payments Area

Postby Dakkus » Sat Mar 31, 2012 1:33 pm

tabbs wrote:The European Parliament agreed to the SEPA "migration deadline" of 1 February 2014 yesterday. By that time, all payments within the euro area (domestic or cross-border) will be SEPA payments and use the International Bank Account Number (IBAN).

(news article) http://www.fx-mm.com/12365/news/meps-vo ... -deadline/
(EP press release) http://www.europarl.europa.eu/news/en/p ... r-payments
(EP interview) http://www.europarl.europa.eu/news/en/h ... c-payments

After Feb-2014, banks may still allow their customers to use older account identifiers (in Germany, for example, that would be the BLZ bank code and the account number) for another two years when making a payment. But then the bank needs to "internally" convert the data to the IBAN system. This transition phase will end in Feb-2016.

Current both the BIC and the IBAN are needed when making a cross-border transfer in the euro area. As from Feb-2014 the IBAN alone will be sufficient for domestic payments; two years later the BIC will not be necessary for other euro area payments either.

Christian


Funnily enough, this deadline was originally 1.1.2010. Some time after the beginning of 2010 they noticed that apparently only Finland had obeyed it :D
We'll see, if this 2014 deadline will be any different from the one in 2010...
Ko saka āboliņš? Pēk pēk pēk!

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Re: Single Euro Payments Area

Postby tabbs » Sat Mar 31, 2012 1:58 pm

Who knows. :) But now the deadline is part of an EU regulation, published in yesterday's Official Journal issue:
http://www.europeanpaymentscouncil.eu/n ... ews_id=315
http://eur-lex.europa.eu/LexUriServ/Lex ... 037:EN:PDF

Christian

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Re: Single Euro Payments Area

Postby lmviterbo » Thu Jul 11, 2013 3:00 am

A new video for the general public on the ECB's YouTube channel: youtu.be/c7B_fAYpEvM

Nothing really new here, just good to know that the deadlines are still the same.

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Re: Single Euro Payments Area

Postby tabbs » Wed Jul 17, 2013 11:24 am

Right, same deadlines as before ... except nobody knows whether they will be met everywhere.
http://www.ecb.europa.eu/paym/sepa/abou ... indicators

Then again, between Jan-1999 and Dec-2001 people and companies had three full years for the euro changeover. And we all know how these things often work: Two more years? zzzZZZ. Still one year? zzzZZZ. Just a few days left? Action!! ;)

Christian

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Re: Single Euro Payments Area

Postby Ewri » Fri Jul 19, 2013 11:21 pm

thanks to the new SEPA regulations, I'm having to work for extra hours to see that we are well prepared for its introduction. :(

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Re: Single Euro Payments Area

Postby tabbs » Fri Oct 25, 2013 4:46 pm

These days I get quite a few notifications about my direct debit authorizations being automatically converted into the new SEPA format (with IBAN and BIC). Some companies/organizations do the conversion now or very soon, most (as far as I can tell) pick 1-Jan, and some wait until the "end" on 1-Feb. The latter option may not be a good idea, but as long as things work smoothly ...

Christian

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Re: Single Euro Payments Area

Postby tabbs » Thu Jan 09, 2014 3:03 pm

tabbs wrote:and some wait until the "end" on 1-Feb. The latter option may not be a good idea, but as long as things work smoothly ...

... and some apparently wait even longer. Today Commissioner Barnier announced that the 1 Feb deadline is ... dead. :roll: The European Commission proposed a six month extension. Quote: "In practice this means the deadline for migration remains 1 February 2014 but payments that differ from a SEPA format could continue to be accepted until 1 August 2014." http://europa.eu/rapid/press-release_IP-14-6_en.htm

( Edit 2014-01-23: It is official now. http://www.consilium.europa.eu/uedocs/c ... 140734.pdf )

Christian


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