Full Sepa deadline extended 6 months

The European Commission has issued a six-month grace period with regard to the upcoming Single Euro Payments Area system, beyond the Feb 1 deadline.

While it technically remains in place, the update means firms not in full compliance by the start of next month won’t suffer from their payments systems being automatically shut down and leaving them unable to pay staff or suppliers.

Sepa is being introduced by the commission to improve domestic and cross-border payment efficiency within the EU. Until yesterday, non-compliant firms were facing a countdown to their credit transfers and direct debt facilities ceasing to function.