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As reported on many previous occasions: the ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro' (the SEPA Regulation), effectively mandates migration to SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) by 1 February 2014 in the euro area.
In this edition, EPC reports on 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 SEPA 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 SEPA Regulation.
This EPC Newsletter features a case study on the SEPA migration experience of the Belgian energy company Electrabel GDF Suez. The company implemented SCT in a step-by- step process, which was concluded in 2012. It migrated to SDD Core in 2011. Luc Waterlot, Financial Systems and Interfaces Manager at Electrabel GDF Suez Market & Sales and responsible for SDD implementation, comments: “Migration to SCT 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 SEPA compliance should act now at the very latest or risks missing the 1 February 2014 deadline.”
The January 2013 EPC Newsletter further reflects on the merit of EU regulatory action aimed at promoting integration, competition and innovation in SEPA.