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For months, media fretted that companies would not be prepared to comply with the Single Euro Payments Area (SEPA) by the February 1, 2014, deadline—and many analysts predicted that the European Commission (EC) would delay the deadline. Today, less than a month before SEPA formally takes effect, unprepared companies have been granted a reprieve. Although the EC has not officially changed its compliance deadline, it is proposing a transition period of six additional months during which credit transfers and direct debits that are not SEPA compliant will still be acceptable for payments within the Eurozone.

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