I received a press release last week from the Eur0pean Central Bank that shows new statistics for the migration to the Single Euro Payments Area (SEPA), which gathered pace strongly in December 2013.
According to the latest figures provided by national central banks, 74% of credit transfers in the euro area were already SEPA-compliant at the end of December (from 64% in November).
For direct debits, the figure stands at 41%, a very steep increase from the 26% registered in November.
The December figures show that, if the current pace of migration continues, the vast majority of stakeholders will complete their migration by 1 February 2014.
SEPA credit transfer and direct debit – Evolution of euro area migration (% of total transactions)
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...