In September 2012, the Belgian Steering Committee on the Future Means of Payment (the Steering Committee) published the fourth progress report towards the Single Euro Payments Area () in Belgium. Chaired by the National Bank of Belgium, the Steering Committee brings together all stakeholders impacted by the process: public administrations and government agencies, businesses, consumer associations and banks. The latest progress report towards in Belgium showcases - again - impressive results. In July 2012, the share of Credit Transfers (SCTs) in Belgium reached more than 58 percent of total credit transfers; the share of Direct Debits (SDDs) exceeded 15 percent.
Following successful migration by most public authorities and 'big billers', supporting small and medium-sized enterprises (SMEs) in the migration process is now the priority of the coordinated efforts to achieve compliance in Belgium. According to the European Commission's Directorate General Enterprise and Industry, SMEs represent 99 percent of firms in the European Union. This Blog highlights best practice identified in Belgium to ensure compliance of SMEs with the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro ' (the Regulation). 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 SDD.
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