European Central Bank – EPC SEPA – PRESS RELEASE:
20 January 2014 – New statistics show SEPA migration gathers pace in December
- 74% of credit transfers in the euro area were already SEPA-compliant at the end of December (from 64% in November).
- For direct debits, the figure stands at 41%, a very steep increase from the 26% registered in November.
The December figures show that, if the current pace of migration continues, the vast majority of stakeholders will complete their migration by 1 February 2014.
The ECB urges all market participants to continue their current migration pace and to complete the transition of all credit transfer and direct debit transactions to the SEPA standards by 1 February 2014.
SEPA credit transfer and direct debit – Evolution of euro area migration (% of total transactions)
These stats show positive signs of progress, but that was surely expected given the 1st February deadline. That said, the statistics also show that:
– 26% of euro area payments still need to be implemented
– 59% of euro area direct debits need to be migrated to SDD
I like to see my pint as half full :), but reversing the figures and highlighting what needs to be done shows a significant effort is still required.
No doubt we’ll see further progress during January 2014, but need to recognise that many corporates/SME’s are still not there yet. The SEPA transition period will assist in ensuring SEPA readiness, and in turn a reduced level of disruption in payment and direct debit processing across the SEPA.
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