Upcoming deadlines for SEPA migration
January 2016 - What is SEPA? SEPA means Single European Payments Area. Countries which are part of the eurozone and all of the EU 27 are included, besides Iceland, Liechtenstein, Norway, Monaco and Switzerland.
What it the aim of SEPA? The main purpose is to standardize and simplify the international euro payments.
How is it going to achieve it? Cashless, electronic payments from anywhere to anyone within the area using a single bank account and a single set of payment instruments.
- Standardization, liquidation of differences: unified time-limits, equal fraud-risk levels. Equal conditions in case of national and international euro payments within the area, all electronis straight-through processed.
- Reduction of costs
- Reduction of cash used for transactions and payments
- Increasing surveillance of electronic money flow
1st February 2014 – SEPA migration deadline for SEPA credit transfer and SEPA direct debit within the euro area
31st October 2016 – SEPA credit transfer and SEPA direct debit deadline for non-euro area countries
Will it affect me? If you pay your suppliers in Euro within the SEPA area, you will be requeired by law to make your payments in SEPA compliant format.
The 31st October 2016 deadline will affect you if you are operating in these countries:
- Czech Republic
- United Kingdom
Prepare for the change in time, don’t wait until the last moment.
If you use SunSystems or Bank Payment System please contact us so that we can help in the migration.Contact us < View all news