PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

EC Sets Deadline for SEPA Credit Transfer and Direct Debit

Mercator Advisory Group by Mercator Advisory Group
December 22, 2011
in Analysts Coverage
0
debit card payments

Woman pay by credit card in shop

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Frustrated by the lack of progress in the SEPA process, the European Parliament and Council have agreed to set Feb 2014 as the deadline for the completion of migration towards SEPA credit transfer and direct debit.

The EC has long accepted the need to enforce migration deadlines from national credit transfers and direct debits to Sepa (Single Euro Payments Area) instruments, conceding self-regulation has failed to bring the move about quickly enough.

However, despite 2014 representing a significant delay to the initial targets for migration, it could still prove ambitious. At the Sibos banking conference in September, a straw poll of delegates conducted during a panel session found the naysayers on the floor held a slim majority over the optimists when asked whether 2014 could be met.

Mercator’s report European Card Market 2011 Update (published in July 2011) covers the topic in depth.

“The latest data suggests that the adoption of SEPA Credit Transfer (the transfer of money from one account to another account) represented only 15.65 % of all credit transfer transactions in Europe in February 2011, a full three years after SCT became available. The migration towards SEPA Direct Debit (direct debit: an instruction from an account holder to their financial institution authorizing an organization to collect varying financial amounts from their account) has been even slower. As of February 2011, only 0.9 % of all direct debit transactions were SEPA-compliant 16 months after the SDD went alive, compared to the 3.9 % penetration rate of SCT at the corresponding point.”

Read more about the original story here: http://www.finextra.com/News/Fullstory.aspx?newsitemid=23271

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023
    AR, accounts receivable

    Digitizing AR Would Address One of Executives’ Biggest Concerns About Economic Instability

    January 17, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud