Tuesday 4th February, 2014

The European Parliament has voted in favour of the proposal by the European Commission (EC) to delay the migration deadline for the single euro payments area (SEPA) until 1 August 2014. This comes after the European Commission proposed an extra transition period in January.

Commissioner Michel Barnier of the EC said; "This transition period ensures that the smooth processing of payments for consumers and businesses will not be disturbed. The migration to SEPA credit transfers and SEPA direct debits is an important milestone in the completion of a European integrated payments market".