New statistics released this week by the European Central Bank show that migration to SEPA gathered pace strongly in December. According to the latest figures, 74% of Credit Transfers and 41% of Direct Debits in the Euro area are already SEPA compliant.
The Irish Payment Services Organisation states that SEPA migration by Irish businesses is well advanced and IPSO estimates that 95% of all payments and the vast majority of companies will be fully migrated to SEPA by 1 February.
It is important to maintain momentum towards 100% SEPA compliance. To enable companies who have yet to complete their migration to SEPA, IPSO and its member banks have agreed to extend the migration date to 31 March 2014.
IPSO urges all customers to continue their migration pace and to complete the successful migration to SEPA as early as possible.
For further questions, please contact your local Cash Manager.