The deadline “effectively means that by these respective dates existing national euro credit transfer and direct debit schemes will have to be replaced by SEPA schemes,” explains Michael McKee, a Partner at DLA Piper.
But some experts believe SEPA still has a long way to go. “For the last 10 years, the payments industry has been working towards achieving SEPA”, said Zilvinas Bareisis, a Senior Analysts at Celent. “The SEPA vision might be simple and laudable, the solution is far from simple. With continued questions about the future of the Euro, and the domino effect that it might entail, questions have naturally been raised about whether SEPA is still a valid objective,” Bareisis said.
Michiel Willems © 2012 CP Publishing Ltd. London, UK. Pictures: recent-ecl.blogspot.com (top) / Wikipedia.org (above)