Central Banking

European Commission pushes for Sepa deadline extension

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The European Commission (EC) is calling for a six-month extension to the February 1 deadline for migration to the Single Euro Payments Area (Sepa), despite opposition from the eurozone's central banks.

Michel Barnier, the internal market and services commissioner, wants to allow banks and other payment service providers to continue processing payments that are not compatible with Sepa standards until August 1, 2014.

He released a statement today arguing that the migration rates to the new credit

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