3 April 2014
Euro countries are getting ready for the extended deadline
It seems that postponing the SEPA deadline for all stakeholders to get ready was useful. In an earlier stage, the ECB stated that if the pace of migration continued, the vast majority of stakeholders would have completed their migration by February 1st, the original deadline. New figures from the European Central Bank show that this forecast was a bit preliminary, but that the euro countries are getting ready for the extended deadline on August 1st.
All of the credit transfers in Cyprus, Latvia, Slovakia and Finland were SEPA-compliant in February 2014. The average of SCT in euro countries is 93.9 per cent. Slovenia and Slovakia both had a 100 per cent score when it comes to SDD in February, the average of the euro countries is just over 80 per cent. The new statistics from the European Central Bank show that the euro countries are in the last phase of the SEPA migration.
Migration of SCT
The indicators show the share of SEPA credit transfer (SCT) transactions as a percentage of the total volume of all credit transfer transactions initiated in a country:
These are the indicators of the usage of SEPA credit transfers as a percentage of all euro credit transfer transactions in each country (non-euro area countries):
Migration of SDD
Below are the indicators of the usage of SDD as a percentage of all DD transactions per country (euro areas countries):
SDD* The effect of ELV is not adjusted for in the DE and AT national migration percentage.
** In Estonia and Finland, the legacy direct debits will, primarily, be replaced by SCT-based e-invoicing solutions. Latvia joined the euro area on 1 January 2014. As a new euro area country, Latvia officially has one year to complete the migration to SCTs and SDDs (migration deadline is 1 January 2015).
The indicators show the share of SEPA direct debit (SDD) transactions as a percentage of the total volume of all direct debit (DD) transactions initiated in a country (i.e. DDs in the legacy format as well as SDDs). The indicators assess the current status in the euro area countries and were compiled on a quarterly basis by the NCBs up to December 2013. From January 2014 onwards the indicators are compiled monthly.
Non-euro area EU countries participate in this exercise on a voluntary basis only. The indicators provided refer to euro transactions only and are compiled by the NCBs either on a quarterly or a semi-annual basis. The percentage of SDD in the UK is 100 per cent.