On January 9th, the EU-Commission has proposed an additional transition period for the migration to SEPA (see enclosed pressclip). The formal migration date, Febuary 1st, 2014, will though stay in force and effect.
Following this announcement the Eurosystem has published a note (see enclosed CB-pressclip) that confirms the introduction. The proposal foresees that banks will have to accept from their corporate customers from 1.2.2014 – 31.7.2014 both SEPA- and DTA-based payment instructions and execute them in due course.
Corporate customers will benefit from the extended transition period by gaining more time to complete their migration projects.
In Germany there are mixed reactions on those announcements. Both, on the side of Banking Associations and on the side of the Government the suggestion is not welcomed, whereas charity-organisations voiced their support.
We suggest to continue with the effort of transition in order to successfully complete the migration at earliest occasion.
We are happy to support you to make your migration a success. If you have questions or intend to use our support, kindly click on the following link here and feel free to get in touch with us directly.