European Commission proposes to extend the SEPA (Single Euro Payments Area) deadline by six months

The European Commission recently announced a proposal to extend the deadline for the SEPA migration end date from 1 February 2014 to 1 August 2014. It is expected that the European Parliament will adopt the proposal on 3 February, which means that the regulation will have a retroactive effect from 31 January 2014.

Despite the Europe wide decision, certain countries may implement specific national timetables for migration to SEPA. For example, in Finland a decision was made on 16 January to close the domestic direct debit service on 1 February.

Danske Bank is well prepared and is already fully SEPA compliant in all Danske Bank EUR countries and has also supported the majority of its customers in making it possible to migrate to SEPA by 1 February 2014. Danske Bank advises its customers to continue with the migration plans they already have in place. Early migration to the SEPA payment scheme means that customers can begin to take advantage of its many benefits as soon as possible.

To keep customers informed, Danske Bank will continue to provide you with more information.

If you have any further queries related to SEPA services, please contact your relevant country Cash Manager.  

Finnish Press Release

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