IPSO Comments on Extended Transitional Period for SEPA Migration

IPSO continues to aim for full SEPA migration on 1 February

The following is a statement issued today by IPSO:

SEPALink logoThe Irish Payment Services Organisation notes the EU Commission’s proposal to amend Regulation (EU) 260/2012 as regards migration to the SEPA payment schemes. The 1st February 2014 end date is maintained and the commission proposal provides for an additional transitional period during which payments in legacy formats can still be processed. The proposal will minimise any possible risk of disruption in payments to consumers and businesses.

IPSO’s SEPA Ireland Programme Manager, Michael O’Neill, stated today that “unlike some other European countries, SEPA migration in Ireland is well advanced and it estimates that in excess of 95% of all payments and companies will be migrated to SEPA by 1st February 2014. IPSO and its member banks therefore continue to aim for completion of the changeover by 1st February 2014.

While we at Celtrino believe the 95% figure may be slightly optimistic based on the numbers of businesses yet to implement a SEPA solution, especially those processing Direct Debits, this does indicate the banks intention to proceed as planned and migrate the bulk of their customers by February 1st.

Still not SEPA compliant? If your business still hasn’t implemented a SEPA solution please visit SEPALink and find out how Celtrino can offer you a simple, instantaneous solution to process SEPA compliant Direct Debits and Credit Transfers.

 

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Ken Halpin (49 Posts)

As Celtrino’s Managing Director, Ken leads the company’s product development and technical operations from the firms’ Dublin headquarters. Over the past 20 years Ken has demonstrated market leadership in developing and taking to market commercial supply chain services and software.



Posted on January 13, 2014 in SEPA by
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