ECB tells firms to buck up Sepa migration efforts
The European Central Bank (ECB) has warned that many companies are leaving Sepa migration too late, leaving themselves open to serious problems when the February 2014 deadline arrives.
In a report, the ECB says that with just 11 months until the migration deadline for Sepa (Single euro payments area) credit transfers and direct debits, large swathes of the continent is behind schedule.
While most corporations have already completed the planning phase and know what Sepa will mean for them in practical terms, a number have adopted very late internal deadlines for actual implementation, waiting until the end of 2013. This is a "source of concern", in particular when it comes direct debits, warns the report.
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