EPC Newsletter: January 2013 Edition Reports on EU Regulatory Action I...

EPC Newsletter: January 2013 Edition Reports on EU Regulatory Action Impacting Payments; Progress on SEPA for Cards and Best Practice Identified by Customers on How to Achieve SEPA Compliance.

24 October 13

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The free online Newsletter, published quarterly by the European Payments Council (), is a leading source covering latest developments in the Single Euro Payments Area ().  The January 2013 edition (see 'related links' below) reports, among other things, on upcoming European Union (EU) regulatory action impacting the euro payments market and its potential effects on the innovation in payments debate.  We update on work progressed by the Cards Stakeholders Group.  We introduce a clarification paper published by the , which addresses operational aspects related to the Credit Transfer () and Direct Debit (SDD) Schemes relevant to payment service providers.

In addition, we highlight latest available survey data which indicates that significant progress has been achieved to create awareness among corporates on the legal obligation to comply with the core provisions of the 'Regulation () No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the Regulation) by 1 February 2014 in the euro area. Efforts must now continue to engage late movers in the process and educate on how to adapt systems and operations in line with the Regulation.

The January 2013 edition of the Newsletter features a case study on the migration experience of the Belgian energy company Electrabel GDF Suez. The company implemented in a step-by-step process, which was concluded in 2012. It migrated to in 2011. Luc Waterlot, Financial Systems and Interfaces Manager at Electrabel GDF Suez Market & Sales and responsible for SDD implementation, comments: "Migration to and SDD is feasible, manageable and beneficial. Preparation, however, is everything and time is of the essence. The scope of the changes is extensive. In January 2013, the message is: any organisation, which still needs to achieve compliance should act now at the very latest or risks missing the 1 February 2014 deadline."

The Podcast (five minute audio) also available with the 'related links' below summarises the content covered in the January 2013 edition of the Newsletter.

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