MEPs vote for 1 Feb 2014 Sepa deadline

Posted: 14 February 2012 | Finextra | 1 comment

Deadline of 1 February 2014 set for banks to migrate to Single euro area payment (SEPA) credit transfers and direct debits…

SEPA / Euros

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.”

Courtesy: Finextra

One response to “MEPs vote for 1 Feb 2014 Sepa deadline”

  1. Erik says:

    Always, people seem to forget that la belle France is a working man’s republic.

    Including le petit president.

    Despite attempts by Alain Juppé and Domenique De Villepin to reform the Social Contract, the root and branch of France is still to the left.

    M. le President Bling Bling (As my more informed French friends call him) is a far right corporatist: and the seductive lies he has repeatedly uttered as he tried, vainly, to dismantle French heritage will not work this time around, I fear.

    As Interior Minister, Sarkozy promised to “Flush the scum……..” out of the banlieues, using water cannon etc.This chimed with the average French voter, fed up with EU diktats on immigration.Since which time, Sarkozy has done nothing much: apart from forcibly ejecting rootless Rumanian Roma with no income and homes.Who promptly came straight back.M. Hollande is a sho in: as France once more swings back to the left.

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