In February 2012, the European legislator adopted the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009' (the Regulation), which defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. In non-euro countries, the deadline will be 31 October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes will be replaced by Credit Transfer () and Direct Debit ().
In this blog, Javier Santamaría, Chairman of the European Payments Council (), comments: Early movers on the demand side who reported on their migration experience in the Newsletter confirm that implementation of the harmonised payment schemes and technical standards is beneficial, but requires careful planning. Payment service users () 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 launched a five part blog series which highlights the lessons learnt by handling major payment volumes who have already successfully concluded migration to and (see 'The Migration Tool Kit' below). In February 2012, these 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 payment instruments, become active immediately. At the time of publication of this blog in October 2012, this is no longer a recommendation but an imperative: any organisation which has not yet initiated the migration process must act now; there is no time to procrastinate further.
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