Central Banking

Ibos warns of payments disruption as Sepa deadline set to be missed

european-hotspots

Companies have failed to wake up to the rapidly approaching deadline for migration to the Single European Payments Area (Sepa), which could see payments disrupted next year, according to Ibos, an international association of banks.

In March 2012, the European Parliament specified that Sepa migration had to be at least 90% complete by February 1, 2014, with the remaining 10% made up of ‘niche' products that are allowed an additional two years to prepare. After the deadline, payment services provi

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