In February 2012, the European Union ( ) legislator adopted the 'Regulation ( ) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009'. This legislative act is commonly referenced as the Single Euro Payments Area ( ) Regulation. It 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 Credit Transfer ( ) and Direct Debit ( ).
The 2012 Blog series: 'Get Ready for by February 2014. Early Movers Share Lessons Learnt'
Between February and May 2012, the European Payments Council ( ) published a first series of Blogs (see links below) highlighting best practice identified by payment service users such as corporates, public administrations and government agencies that have successfully completed migration to . The series reflects the experience of early movers on the demand side who have shared their lessons learnt in the Newsletter (see links below).
- Part I emphasizes that project managers, who have already concluded the migration exercise, unanimously recommended start 2012 that organisations which still have to adapt systems and operations to the schemes become active immediately.
- Part II focuses on the transition to the International Bank Account Number (IBAN) and the Business Identifier Code (BIC).
- Part III explores how to determine the appropriate strategy to achieve compliance of IT systems.
- Part IV details the benefits resulting from implementation of the ISO 20022 message standards.
- Part V analyses the impact of the Regulation on payment service users.
The 2013 Blog series: 'Get Ready for by 1 February 2014 and Get Inspired: Early Movers on the Demand Side Identify Best Practice'
In February 2013, the followed up with two additional Blogs (see links below) reporting on more best practice identified by payment service users across Europe handling major payment volumes who pioneered and implementation.
For more information supporting, in particular, payment service users transitioning to , visit also 'The Migration Tool Kit' (see links below).
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