SEPA Deadline Means IT Challenges

EU gives companies operating there 18 months to update their systems.

The February 2014 deadline for bringing all European Union area payments into compliance with the Single Euro Payments Area (SEPA) may mean a considerable amount of IT work for multinational companies that operate in Europe, a SunGard executive argues.

SEPA credit transfers and direct debits have been around since 2008. But Luc Belpaire, director of payments solutions for SunGard AvantGard, notes that European Central Bank statistics show that while 27.3% of credit transfers now comply with SEPA, just 0.4% of direct debit transfers currently are SEPA-compliant.

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