As the February 2014 deadline for switching to the Single Euro Payments Area (SEPA) format approaches, there are growing doubts that companies will be ready in time, raising the prospect of a disruption in euro-denominated payments.

The European Community was the latest to chime in, warning in March that while most companies have done their planning for SEPA, many were looking at very late deadlines for making the changes required.

Lesley White, head of treasury products for Europe, the Middle East and Africa at Bank of America Merrill Lynch, recently participated in a roadshow across the United States where SEPA was among the topics discussed. "The key message was, if you don't think about [SEPA] now, you're not going to be able to make or receive payments," she said. "You could see the light come on in people's eyes."