The European Central Bank warned that companies are running out of time to implement payment structures that are in line with region-wide standards.

“A number of companies have adopted very late internal deadlines” to migrate toward the Single Euro Payments Area, or SEPA, the ECB said today in a report. “This is a source of concern,” it said. “More worryingly, small and medium enterprises' and local public administrations' awareness of SEPA is still fragmented and the level of preparedness is rather poor.”

SEPA enables customers to make euro transfers across borders within Europe using a single payment account and a single set of payment instruments. Thirty-two European countries are participating in SEPA.