EPC Newsletter April 2013 Edition: There is Only Plan A - Get Ready fo...

EPC Newsletter April 2013 Edition: There is Only Plan A - Get Ready for SEPA by 1 February 2014 in the Euro Area.

24 October 13

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The April 2013 edition (see 'related links' below) again offers information to support market participants in the euro area in getting ready for the Single Euro Payments Area () by February 2014, as mandated by European Union (EU) law. Javier Santamaría, Chairman of the European Payments Council (), points out that good progress has been achieved by the corporate sector preparing for the transition. The focus should now be on joining forces to assist, in particular, small and medium-sized enterprises (SMEs) and local public administrations in the euro area that must meet the 1 February 2014 deadline. This requires coordinated efforts by national public authorities, and trade associations representing businesses and banks.

Wiebe Ruttenberg of the European Central Bank summarises the main findings of the first migration report, published by the Eurosystem in March 2013. The Eurosystem strongly advocates that all payment service providers have their customer servicing channels ready for transactions by the end of the second quarter of 2013 and that all other stakeholders, including 'big billers', public administrations and SMEs, migrate at the earliest stage possible, preferably by the third quarter of 2013 at the latest. This approach avoids risks which otherwise could impact the wider supply chain and would put the migration at risk. For more information, refer to his article ' Migration - Don't Count on a Plan B'.

There is only Plan A. Act now.

Following up on the previous Poll, entitled: 'Vote on future Newsletter topics! Which regulatory action impacting euro payments is most important to you?' we analyse the impact of the proposal for a Regulation on electronic identification and trust services for electronic transactions in the internal market. Respondents to the poll also indicated strong interest in the pending European Commission's review of both the governance structure and the Payment Services Directive. It has been suggested that the European Commission will publish related proposals before the summer of 2013. We will report on these initiatives once this information is available.



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