The European Union (EU) 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro', commonly referenced as the Single Euro Payments Area () Regulation, effectively mandates migration to Credit Transfer and Direct Debit in the euro area by 1 February 2014. The Regulation provides certainty as to the timing of migration, which is an essential precondition to successful completion of the harmonisation exercise. At the same time, the Regulation - in an attempt to respond to a broad range of requests for flexibility articulated by various parties throughout the legislative process - has introduced several exemptions regarding the use of the International Bank Account Number (IBAN), the Business Identifier Code (BIC) and the ISO 20022 XML message standards by the February 2014 deadline. EU Member States have discretion as to whether they will use any or all of the options to derogate from the 1 February 2014 deadline with regard to the use of the IBAN, the BIC and the ISO 20022 XML message standards. The European Central Bank provides country-specific fact sheets on the transitional arrangements chosen by individual EU Member States based on information currently available.
Read this blog (see 'related links' below) by Javier Santamaría, Chairman of the European Payments Council, to learn more.
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