EBA Issues Guide to SEPA Migration End-date Regulation
The Euro Banking Association (EBA) has published a guide to the single euro payments area (SEPA) migration end-date regulation. ‘Banks Preparing for SEPA Migration’ was issued at the payments conference and exhibition EBAday in Edinburgh. It gives an overview of the key implications of the new regulation, which entered into force in the EU on 31 March 2012 and whose key requirements will need to be implemented by payment service providers across Europe over the next few years.
“The SEPA migration end-date set by the new regulation is only 20 months away. That is why it is of crucial importance for the European payments industry to fully grasp the business and technical requirements defined by this legislation,” said Björn Flismark of SEB, who chairs the EBA working group that delivered the new publication. “With our guide, we would like to contribute to this understanding by providing an easy-to-read overview of these requirements and of their impact on banks and customers.”
Banks Preparing for SEPA migration has been compiled with the support of payment practitioners representing EBA banks from 10 European countries. The guide describes the key issues around the new regulation with the help of explanatory illustrations and overview tables. It also includes take-away recommendations for payment service providers and offers clarifications around a couple of ‘myths’ about this new legal text.