- News & comment
MEPs vote for 1 Feb 2014 Sepa deadline
Publication date: 14 February 2012
Tagged with: Single Euro Payments Area (SEPA)
The European Parliament has passed legislation creating a legally-binding deadline of 1 February 2014 for banks to migrate to Single euro area payment (SEPA) credit transfers and direct debits.
Having agreed the migration date with the European Council in December, Parliament has now rubber-stamped the deal, with legislation adopted in the first reading with 635 votes in favour, 17 against and 31 abstentions.
European legislators have long accepted the need to enforce migration deadlines from national credit transfers and direct debits to Sepa, conceding self-regulation has failed to bring the move about quickly enough.
The parliament says that by finally pushing through end-dates, the continent can ensure that banks compete fairly, eliminate hidden national charges, and accelerate transfers that could save up to EUR123 billion within six years, benefiting clients, financial institutions and businesses.
Sepa rapporteur Sari Essayah, MEP, says: “This regulation really benefits citizens. It will enable them to make payments from one bank account to others all over Europe, just like a normal domestic payment…Companies will benefit too, by not needing more than one bank account in Europe for each payment purpose.”
If you enjoyed this article, why not sign-up to receive our bi-weekly email newsletter?
- Experian takes control of social media risk (23 May 2013)
- Deutsche Bank executes first SGD/RMB spot trade (23 May 2013)
- Saxo Bank launches Saxo TV (23 May 2013)
- Banks must adapt to the growth of Fixed Income Electronic Trading (23 May 2013)
- Legal & General Investment Management announces Head of Asset Allocation (22 May 2013)