The Single Euro Payments Area ( ) payment schemes, as set out in the Credit Transfer ( ) and Direct Debit ( ) Rulebooks, evolve over time to reflect changes in market needs and updates of technical standards developed by international standards bodies, such as the International Organization for Standardization. The European Payments Council ( ) publishes updated versions of the and Rulebooks once annually in November of each year. Updated versions of the rulebooks normally take effect in November of the following year.
The decided to postpone the effective date for updated rulebook versions to be published in November 2012 from November 2013 to 1 February 2014. This allows market participants sufficient time to adapt their systems and operations to comply both with the 'Regulation ( ) 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) and the updated versions of the rulebooks.
The Regulation defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. Effectively, this means that as of this date, existing national euro credit transfer and direct debit schemes will be replaced by and .
If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.