1 February 2016 is another Milestone for the Migration to SEPA

1 February 2016 is another Milestone for the Migration to SEPA

29 January 16

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1 February 2016 marks the end of the exemptions regarding the use of the International Bank Account Number (IBAN), the Business Identifier Code (BIC) and the ISO 20022 XML message standards. Regulation () 260/2012 (the Single Euro Payments Area – - Regulation) allowed Member States in the euro area to postpone the deadline for the adoption of these features by end-users and for the conversion of some ‘niche products’, from 1 February 2014 until 1 February 2016. Several Member States had made use of that option to partially derogate from the 1 February 2014 migration end-date.

With this deadline now complete, the last remaining milestone for the migration to is 31 October 2016, which is the deadline for migration to in non-euro countries.



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