The European Payments Council (EPC) published its deadline for compliance of Euro SCT and SDD.
On 20 December 2011, negotiators on behalf of the European Parliament and the Council representing European Union Member States agreed that the forthcoming 'Regulation Establishing Technical Requirements for Credit Transfers and Direct Debits in Euro' (the SEPA Regulation) will define 1 February 2014 as the deadline in the euro area for compliance with this Regulation. That means that by February 2014, SEPA credit transfers and direct debits across the euro area will be as easy as domestic payments within one country are now.
The reasonable transition periods applied will allow customers and banks to get used to the adjustments in domestic payment transactions, provide legal certainty, avoid the cost of operating dual payments systems, and bring forward the substantial future benefits of SEPA.
It is expected that the SEPA Regulation will be formally adopted by the Plenary of the European Parliament and endorsed by the Council in February 2012.
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