European parliament votes for extended SEPA migration period

Yesterday the European parliament formally approved the European Commission proposal that allows Payment Service Providers six more months in which they may process payment transactions in euros in non-SEPA-formats. The regulation will apply retroactively from 31 January 2014.

Plenary Vote on extension of SEPA Migration period

The vote concludes a month in which the European Commission surprised the market with its sudden announcement of the plan to allow for the delay. The Commission preferred an orderly transition, over a more timely one, but one that minimises opportunities for error and disruption.