SEPA

Those in charge of the Dutch payments system have worked hard on transitioning to European standards which, as from 1 February 2014, will be mandatory for payment transactions in euros according to European legislation. In January 2014, the European Commission proposed an additional transition period of six months because the migration to the European standards had not sufficiently advanced across the euro zone. The European Parliament and the Council have agreed to this proposal so that market parties can work with national standards and formats until 1 August 2014.

Why SEPA?
Europe is working towards one large payments market: the Single Euro Payments Area. National processors and payment service providers are no longer shielded from foreign competitors. This will improve efficiency.

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