February 1 2014 is the end date for Single Euro Payments Area migration
Experian welcomed the announcement of February 1 2014 as the end date for Single Euro Payments Area (SEPA) migration.
European businesses will have to transition to credit and debit payments systems to the SEPA.
Thereafter, banks need to convert customers’ account information and businesses must move from existing domestic formats to a single International Bank Account Number (IBAN) to comply.
Experian director of payments strategy Jonathan Williams said this announcement brings to an end to speculation on whether SEPA will become a reality. "Large businesses will be most impacted. They need to address any existing payment errors, fully validate all new data to SEPA standards and ensure that payment files sent to their banks are converted to the appropriate format. "Early adoption is crucial. If left to the last minute, the SEPA requirements have the potential to be both disruptive and costly," added Williams.
According to Williams, "Banks and businesses can at last look forward to an improvement in the efficiency of domestic and cross border payments, with consumers, businesses and banks able, for the first time, to send simple cashless payments in euros to anyone located within the euro zone."