New statistics from the European Central Bank (ECB) show that migration to the Single Euro Payments Area (SEPA) gathered pace strongly in December 2013.
SEPA has been promoted since 2002 to ensure the smooth operation of payment systems since 2002.
According to the latest figures provided by national central banks, 74% of credit transfers in the euro area were already SEPA-compliant at the end of December (from 64% in November). For direct debits, the figure stands at 41%, a very steep increase from the 26% registered in November.
The December figures show that, if the current pace of migration continues, the vast majority of stakeholders will complete their migration by Feb. 1 2014 deadline.
SEPA Migration Gathers Pace in December
New statistics from the European Central Bank (ECB) show that migration to the Single Euro Payments Area (SEPA) gathered pace strongly in December 2013.