Central Banking

ECB demands ‘fast adoption’ of Sepa legislation


The European Central Bank (ECB) has called on European legislators to rule quickly on a proposed postponement of the migration deadline for the Single Euro Payments Area (Sepa) until August 1, 2014.

Payment service users and providers will, as it stands, have to migrate to new credit transfer (SCT) and direct debit (SDD) schemes by February 1. The European Commission proposed a six-month extension to the deadline last week, believing that market participants will miss the existing deadline.


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