The Council of the European Union (EU) represents the EU Member States. On 14 May 2013, the Council of the EU adopted its latest conclusions on the Single Euro Payments Area (). The Council of the EU “welcomes the successful entering into force” of Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro (the Regulation), which effectively mandates migration from national credit transfer and direct debit schemes to Credit Transfer and Direct Debit in the euro area by 1 February 2014. The Council of the EU confirms “that this is a significant step towards a truly integrated market for retail payments in euro” and underlines that the provisions of the Regulation “have to be fully respected by all market participants in euro area Member States.”
In this blog (see ‘related links’ below), Javier Santamaría, Chairman of the European Payments Council, reports on the conclusions adopted by the Council of the EU in May 2013. He also reiterates: the experience of pioneers on the demand side confirms that compliance is manageable and feasible, but with less than nine months to go until the 1 February 2014 deadline, it is critical that any late movers put processes in place to begin their migration immediately.
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