SEPA Migration increased significantly at the end of 2013
The European Commission released numbers on SEPA migration for the end of 2013 and shows a large increase in Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term.
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 commonl 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 commonl Read this Term Area (SEPA) standard had an original deadline of February 1st 2014. However due to a lack of migration to the new standard from EU merchants, the deadline was pushed back to August 1st 2014, allowing more time for smaller firms to become compliant. Before making the decision, the European Commission most likely did not yet have the final figures on migrating merchants for the end of 2013.
The figures for December 2013 show an impressive 74% of credit transactions in the Euro Zone being SEPA compliant, an increase from 64% in November. Debit transactions also rose significantly with 41% debit charges being SEPA complaint as opposed to 26% in November.
According to a press release from The European Commission, “The December figures show that, if the current pace of migration continues, the vast majority of stakeholders will complete their migration by the 1st February 2014.”
To assist migration, companies like Volante Technologies have developed SEPA Accelerators to assist those not yet compliant with The European Commission’s new standard.
The European Commission released numbers on SEPA migration for the end of 2013 and shows a large increase in Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term.
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 commonl 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 commonl Read this Term Area (SEPA) standard had an original deadline of February 1st 2014. However due to a lack of migration to the new standard from EU merchants, the deadline was pushed back to August 1st 2014, allowing more time for smaller firms to become compliant. Before making the decision, the European Commission most likely did not yet have the final figures on migrating merchants for the end of 2013.
The figures for December 2013 show an impressive 74% of credit transactions in the Euro Zone being SEPA compliant, an increase from 64% in November. Debit transactions also rose significantly with 41% debit charges being SEPA complaint as opposed to 26% in November.
According to a press release from The European Commission, “The December figures show that, if the current pace of migration continues, the vast majority of stakeholders will complete their migration by the 1st February 2014.”
To assist migration, companies like Volante Technologies have developed SEPA Accelerators to assist those not yet compliant with The European Commission’s new standard.