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SEPA remains work in progress (much to be done) - EPC Newsletter

The July 2014 European Payments Council Newsletter describes the SEPA project as work in progress. There still remains much to be done on the regulatory side: “In the view of the EPC, additional amendments will have to be agreed in the further dialogue between the EU co-legislators to ensure, in particular, the security of bank customers’ funds and data with payment account access services under the forthcoming PSD2.” 

SEPA payments progress

Although the extended deadline is August 2014, not all countries have 100% SEPA compliant payments, as the following tables show.

Nine countries are still not 100% SEPA Credit Transfer compliant :

Source & Copyright©2014 - ECB 

12 countries are still not 100% SEPA Direct Debit compliant; with Italy and Portugal the furthest behind:

Source & Copyright©2014 - ECB 

And EMV transactions in the euro area (as a percentage of total transactions at POS) has only reached 80% penetration:

Source & Copyright©2014 - ECB 

CTMfile take: The remaining pockets of non-SEPA transactions will probably take many months or years to convert. However, the very large bulk of payments in the eurozone are now SEPA compliant.

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