The Newsletter October 2012 edition (see 'related links' below) offers more information supporting, in particular, payment service users () in the euro area to get ready for the Single Euro Payments Area () by 1 February 2014, as effectively mandated by the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the Regulation). The European Union legislator adopted this legislative act in February 2012.
Time is of the Essence: Get Ready for . Act Now!
In his article, Javier Santamaría, Chairman of the European Payments Council (), comments: early movers on the demand side who reported on their migration experience in the Newsletter confirm that implementation of the harmonised payment schemes and technical standards is beneficial, but requires careful planning. have to implement significant changes to their operational models. They have to invest in system upgrades, testing and staff training. The scope of the changes is extensive.
On 29 February 2012, the launched a five part blog series which highlights the lessons learnt by handling major payment volumes who have already successfully concluded migration to Credit Transfer and Direct Debit. In February 2012, these pioneers - who started migration planning as early as 2007 or 2008 - unanimously recommended that organisations, which have yet to adapt systems and operations to the payment instruments, become active immediately. At the time of publication of this Newsletter in October 2012, this is no longer a recommendation but an imperative: any organisation which has not yet initiated the migration process must act now; there is no time to procrastinate further.
Santamaría highlights best practice identified by early movers on the demand side to get ready for . Organisations now working towards achieving compliance with the Regulation by 1 February 2014 in the euro area, are invited to take advantage of the numerous resources offered by the banking industry and other service providers to support market participants during the transition. Relevant information is also made available with 'The Migration Tool Kit. Get Ready for by 1.2.2014. Act Now!', a link to which is included with the article.
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