The European Central Bank warned that companies are running outof time to implement payment structures that are in line withregion-wide standards.
|“A number of companies have adopted very late internaldeadlines” to migrate toward the Single Euro Payments Area, orSEPA, the ECB said today in a report.“This is a source of concern,” it said. “More worryingly, small andmedium enterprises' and local public administrations' awareness ofSEPA is still fragmented and the level of preparedness is ratherpoor.”
|SEPA enables customers to make euro transfers across borderswithin Europe using a single payment account and a single set ofpayment instruments. Thirty-two European countries areparticipating in SEPA.
|Companies have until Feb. 1 2014 to migrate to SEPA credittransfers and SEPA direct debits, the ECB said. It urged allstakeholders to make the transition “at the earliest stagepossible, preferably by the third quarter of 2013 at the latest,”to avoid disruption in the handling of payment orders.
|“Adapting to SEPA involves adjusting a lot of technical andbusiness procedures over a limited period of time,” ECB ExecutiveBoard member Benoit Coeure said in a statement. “Projects of thiskind should not be left to the last moment.”
|Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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