The European Commission announced an additional transition period for SEPA migration.

The European Commission will be prolonging the Single European  Payments  Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term Area (SEPA) migration deadline by 6 months. The original deadline was February 1^st 2014. The decision was made since a large number of merchants and businesses are yet to switch to the new SEPA card standards. As of November 2013 less than 65% of credit transactions were SEPA compliant, while less than 26% of debit transaction met the new standards.

The migration delays derive mainly from smaller to mid-size businesses who either due to logistical or financial issues have not yet shifted to the new payment standard. The European Commission stated the new deadline for these businesses is August 1^st 2014. Businesses that are not compliant by August 1^st will not be able to place credit or debit card transactions within the EURO Zone until meeting the SEPA standards.

“As of today, migration rates for credit transfers and direct debits are not high enough to ensure a smooth transition to SEPA despite the important work already carried out by all involved. Therefore, I am proposing an additional transition period of 6 months for those payment services users who are yet to migrate. In practice this means the deadline for migration remains 1 February 2014 but payments that differ from a SEPA format could continue to be accepted until 1 August 2014,” an excerpt from the European Commission’s press release on the matter.

Recently, Volante Technologies released its SEPA  Accelerator  Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing helps extend equity style investing to a wide range of industries. Different Types of Startup AcceleratorsThere are multiple types of accelerators, which have evolved to reflect a new form of investing assistance to entrepreneurs.This includes hardware accelerators, AI accelerators, Biotech accelerators, and China cross-border accelerators.Of note, startup accelerators do differ from incubators, which are another component of the fintech lifecycle.In particular, the application process is open to anyone for startup accelerators, though very competitive. Furthermore, the focus for startup accelerators is on small teams not an individual founder. The rational for this is that a singular individual is not sufficient to handle this entire volume of work.Seed investments in the startups are also made in exchange for equity, starting as low as $20,000 in some instances.Finally, startup accelerators are usually given a rigid deadline, usually targeting upwards of three months. This time is associated with intensive mentoring and training, and as the name suggests, an accelerated evolution of the program.Startup accelerators are not even obligated to occupy a physical space, though it is common for them to. An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing helps extend equity style investing to a wide range of industries. Different Types of Startup AcceleratorsThere are multiple types of accelerators, which have evolved to reflect a new form of investing assistance to entrepreneurs.This includes hardware accelerators, AI accelerators, Biotech accelerators, and China cross-border accelerators.Of note, startup accelerators do differ from incubators, which are another component of the fintech lifecycle.In particular, the application process is open to anyone for startup accelerators, though very competitive. Furthermore, the focus for startup accelerators is on small teams not an individual founder. The rational for this is that a singular individual is not sufficient to handle this entire volume of work.Seed investments in the startups are also made in exchange for equity, starting as low as $20,000 in some instances.Finally, startup accelerators are usually given a rigid deadline, usually targeting upwards of three months. This time is associated with intensive mentoring and training, and as the name suggests, an accelerated evolution of the program.Startup accelerators are not even obligated to occupy a physical space, though it is common for them to. Read this Term to assist businesses in making the transition to the new SEPA card regulations.

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