View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Data
December 21, 2011

Experian welcomes end date for SEPA migration

February 1 2014 is the end date for Single Euro Payments Area migration

By CBR Staff Writer

Experian welcomed the announcement of February 1 2014 as the end date for Single Euro Payments Area (SEPA) migration. European businesses will have to transition to credit and debit payments systems to the SEPA.

Thereafter, banks need to convert customers’ account information and businesses must move from existing domestic formats to a single International Bank Account Number (IBAN) to comply.

Experian director of payments strategy Jonathan Williams said this announcement brings to an end to speculation on whether SEPA will become a reality. "Large businesses will be most impacted. They need to address any existing payment errors, fully validate all new data to SEPA standards and ensure that payment files sent to their banks are converted to the appropriate format. "Early adoption is crucial. If left to the last minute, the SEPA requirements have the potential to be both disruptive and costly," added Williams.

According to Williams, "Banks and businesses can at last look forward to an improvement in the efficiency of domestic and cross border payments, with consumers, businesses and banks able, for the first time, to send simple cashless payments in euros to anyone located within the euro zone."

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU