08 December 2016
Visit aciworldwide.com

Fresh stats show Sepa migration accelerating

20 January 2014  |  5678 views  |  0 SEPA Brick wall Background

New statistics released by the European Central Bank (ECB) show that migration to the Single Euro Payments Area (Sepa) gathered pace strongly in December.

According to the latest figures provided by national central banks, 74% of credit transfers in the euro area were already Sepa-compliant at the end of December (from 64% in November). For direct debits, the figure stands at 41%, a steep increase from the 26% registered in November.

The Eurosystem of central banks is resisting calls from the European Commission to add an extra six months grace period to the original February 2014 timetable for full migration to Sepa.

The Commission's proposals - which have to be agreed by both the European Council and European parliament - were based on statistics from November that showed migration rates of 64.1% for SCT and 26% for SDD.


In releasing the latest figures, the ECB says that, "if the current pace of migration continues, the vast majority of stakeholders will complete their migration by 1 February 2014".

The central bank is urging all market participants to continue their current migration pace and to complete the transition of all credit transfer and direct debit transactions to the Sepa standards in line with the original timetable.
KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

European Commission wants to extend Sepa migration deadline as conversion rates stall

European Commission wants to extend Sepa migration deadline as conversion rates stall

09 January 2014  |  12898 views  |  3 comments | 19 tweets | 40 linkedin
European Central Bank sets up Euro Retail Payments Board

European Central Bank sets up Euro Retail Payments Board

19 December 2013  |  7139 views  |  0 comments | 7 tweets | 9 linkedin
ECB warns of risks from 'big bang' migration to Sepa

ECB warns of risks from 'big bang' migration to Sepa

24 October 2013  |  6737 views  |  0 comments | 7 tweets | 15 linkedin
Council of the European Union demands Sepa migration push

Council of the European Union demands Sepa migration push

15 May 2013  |  7796 views  |  1 comments | 12 tweets | 9 linkedin
Corporate treasuries are in danger of losing the Sepa momentum

Corporate treasuries are in danger of losing the Sepa momentum

01 May 2013  |  7648 views  |  1 comments | 6 tweets | 3 linkedin
Irish businesses urged to step up Sepa preparations

Irish businesses urged to step up Sepa preparations

29 April 2013  |  5140 views  |  0 comments | 6 tweets | 3 linkedin
ECB tells firms to buck up Sepa migration efforts

ECB tells firms to buck up Sepa migration efforts

21 March 2013  |  7673 views  |  5 comments | 6 tweets | 14 linkedin
Europe's businesses not prepared for looming Sepa deadline

Europe's businesses not prepared for looming Sepa deadline

01 February 2013  |  7879 views  |  2 comments | 14 tweets | 7 linkedin
UK businesses unprepared for Sepa migration

UK businesses unprepared for Sepa migration

04 December 2012  |  7704 views  |  1 comments | 5 tweets | 2 linkedin
MEPs vote for 2014 Sepa deadline

MEPs vote for 2014 Sepa deadline

14 February 2012  |  10438 views  |  2 comments
Sepa migration deadline set at February 2014

Sepa migration deadline set at February 2014

21 December 2011  |  13755 views  |  2 comments
Banks sceptical about meeting 2014 Sepa compliance deadline

Banks sceptical about meeting 2014 Sepa compliance deadline

19 September 2011  |  9344 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit VocaLink.comVisit contisgroup.com

Who is commenting?

A Finextra member Finextra Member Commented on: Payments regulator blo...
A Finextra member Finextra Member Commented on: Payments regulator blo...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7524 views 12 comments | 15 tweets | 27 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7115 views comments | 25 tweets | 15 linkedin
China tops world fintech rankingsChina tops world fintech rankings
6912 views comments | 34 tweets | 30 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6284 views comments | 19 tweets | 20 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5741 views comments | 22 tweets | 11 linkedin

Featured job

Find your next job