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For many companies operating in the Eurozone, the deadline for the Single Euro Payments Area (SEPA) is looming large on the horizon. As of February 1, 2014—less than five months from today—all domestic credit transfers and direct debits denominated in euros will need to be processed using SEPA credit transfers (SCTs) and SEPA direct debits (SDDs). PwC estimates that these payments account for between 40 percent and 95 percent of in-country transaction volumes. Yet because the European Payments Council took a while to announce the so-called “end date” for SEPA compliance, some corporations kept their SEPA projects on hold for years. The projects should be in high gear at this point.

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