The start of a new European payment regime, the Single Euro Payments Area, is just months away. Effective Feb. 1, 2014, SEPA will transform the way businesses make payments in 33 European countries. Yet many companies have yet to switch, raising the possibility of a traffic jam toward year-end as large numbers of corporates all try to migrate at once.

A PWC survey conducted this summer concluded that about a third of companies risk not making the deadline; as of June, about a quarter of the companies PWC surveyed hadn't planned their SEPA implementation. European Central Bank data show that as of July, 50% of credit transfers were occurring in the SEPA format and just 4.8% of direct debits.

Those statistics, particularly the numbers on direct debits, seem alarmingly low, especially since there's general agreement that European regulators are not going to postpone that Feb. 1 deadline to give companies more time.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.