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Tag archive: European Central Bank

2014 was a year of change

If there is one word that would characterize the year 2014, then it would be ‘change’. The year was full of changes in the area of payments, banking and technology. The long-awaited offend-date for SEPA, innovations in the field of mobile payment and (still limited) acceptance of Bitcoin are the most important changes. Even though […]

Instant payments with immediate availability of funds is the next step

Instant payments, person-to-person mobile payments and contactless payments; these are the next steps in retail payments, now the introduction of the Single Euro Payments Area (SEPA) was a success. That is, according to the Euro Retail Payments Board. The board decided to set up two streams: person-to-person mobile payments in euro, and card- and mobile-based […]

Euro countries are getting ready for the extended deadline

It seems that postponing the SEPA deadline for all stakeholders to get ready was useful. In an earlier stage, the ECB stated that if the pace of migration continued, the vast majority of stakeholders would have completed their migration by February 1st, the original deadline. New figures from the European Central Bank show that this […]

Frequently Asked SEPA Questions

With only several weeks to go before the Single Euro Payments Area (SEPA) switchover deadline, most of the companies and institutions in the participating countries are aware that there is no turning back. However, this does not mean that all preparations have been fully completed and that all involved parties are ready yet. Despite freely […]

Payment service users confirm: SEPA migration is manageable, feasible and beneficial

Javier Santamaría is the chairman of the European Payments Council (EPC), which supports and promotes the creation of the Single Euro Payments Area (SEPA). As requested by the EU authorities, the EPC developed, in close dialogue with the customer community, the SEPA Credit Transfer (SCT) and SEPA Direct Debit Schemes (SDD), which help to realize the integrated Euro payments market. Just […]

Red lights for Estonia and Germany SEPA migration

Results in the recently published qualitative SEPA indicators for the second quarter of 2013 report show several countries significantly struggling in SEPA migration. The European Central Bank examined various countries to assess SEPA progress by stakeholder groups on a country level. The corporate sector in Germany might not complete migration to SEPA Direct Debit (SDD) […]

SEPA in the international media: a round up

In April 2013, 41,79 per cent of the total volume of credit transfers (CT) were SEPA credit transfers (SCT). The European Central Bank recently published the national SDD and SCT migration indicators. These numbers show that there’s a big difference between the various euro countries when it comes to migration to SEPA. To monitor the […]

ECB: Many advantages of SEPA already exist

“It is a general misconception that the migration to SEPA will be completed on February 1, 2014,” says Wiebe Ruttenberg, Head of Market Integration Division at the European Central Bank (ECB). “On that date we will have ‘only’ completed the migration to SEPA Credit Transfer and SEPA Direct Debit within the Euro area. This means […]

The progress of SEPA

Let’s take a quick look back into the history. When the European Payments Council (EPC) in 2003 decided that SEPA would become the standard, Luxembourg was the first country that went full speed ahead. The rest of the countries followed later, with each country taking the step in its own pace. Nine years after the […]