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.
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.