Central Banking

Sepa migration at risk due to poor preparedness, says ECB

Euro sign outside the European Central Bank in Frankfurt

Migration to the Single European Payments Area (Sepa) may not go as smoothly as hoped, as many companies are leaving it very late to adapt, a report published today by the European Central Bank (ECB) has found.

The European Parliament passed legislation in 2012 requiring all euro-denominated credit transfers and direct debits to comply with the Sepa technical format by February 1, 2014. Beyond that date, banks will be banned from processing non-compliant transactions, which means if any

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