The European Commission has published a proposal to allow for an extra six month transition period for SEPA migration. The proposal does not change the formal deadline of 1 February 2014, however during the transition period payments (credit transfers and direct debits) initiated in other formats than ISO 20022 XML SEPA may still be accepted and processed by banks and local clearing and payment schemes can be kept open.
Press Release from the European Commission
For electronic payments the proposal thereby allows concurrent use of local legacy payment schemes together with the SEPA schemes (SEPA Credit Transfers und SEPA Direct Debits) in the euro zone until 31 July 2014. The proposal requires approval by the European Parliament and the European Council.
Based to the announcement from the Commission, several domestic banking infrastructure meetings are being held. The outcome of any domestic decisions made and the impact for Danske Bank clients will be communicated as soon as possible.
Danske Bank strongly recommends that clients continue with their SEPA migration projects, with the aim to finalise as soon as possible.