The European Commission (EC) has proposed
EU-wide deadlines for SEPA migration. Once the regulation has been
put in place, EU member states will have 12 months to replace their
national credit transfer systems and two years to change their
direct debits.

The EC has proposed the deadline because it
says self regulation is clearly not working. The European
Parliament and member states are currently considering the
proposal

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“The proposal adopted today fixes end-dates to
make this pan-European system a reality, hopefully as early as
2012,” said internal market and services commissioner Michel
Barnier.

“It means that making payments cross-border
will become as easy as making them at home. Consumers will only
need one bank account and their payments will be faster, cheaper
and safer. Businesses will benefit from one set of standards and
much simpler processes.”

European Central Bank executive board member
Gertrude Tumpel-Gugerell said: “I welcome the European Commission’s
proposal on an end-date for migration to SEPA by means of an EU
regulation.

“Almost 10 years after the introduction of
euro banknotes and coins, using common payment instruments will be
an important further step to integrate the financial services in
Europe and complement the single market for goods and services.

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“I encourage the upcoming Hungarian
presidency, the member states and the EU Parliament to give the
proposal their full attention.”

Paul Styles, solutions consultant at payments
software provider ACI Worldwide, described the announcement as “a
ceremonial bowing to the inevitable”.

“Full clarity on the subject has still not
been achieved,” Styles said. “But this is indeed a significant step
on the road to a full SEPA. And for that, it should be a cause of
some celebration.

“At least the whole industry knows that
serious planning can now no longer be delayed.”