As reported on many previous occasions: the European Union (EU) 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro', which is commonly referenced as the Single Euro Payments Area () Regulation, effectively mandates migration to Credit Transfer () and Direct Debit () by 1 February 2014 in the euro area. Since the EU lawmaker adopted the Regulation in February 2012, the focus has been on alerting payment service users, in particular those handling major payment volumes, on the need to achieve compliance with this legislative act. In this blog (see 'related links' below), Etienne Goosse, the Secretary General of the European Payments Council, highlights latest available survey data on the state of corporate preparedness.
This data indicates significant progress has been achieved to create awareness among corporates on the legal obligation to comply with the core provisions of the Regulation by 1 February 2014 in the euro area. Efforts must however continue to engage late movers in the process and educate on how to adapt systems and operations in line with the Regulation..
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