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January 21, 2014updated 04 Apr 2017 4:09pm

SEPA migration gathered momentum in December 2013: ECB data

Migration to the Single Euro Payments Area (SEPA) gathered greater momentum in December 2013, according to new figures released by the European Central Bank (ECB).

By Verdict Staff

Migration to the Single Euro Payments Area (SEPA) gathered greater momentum in December 2013, according to new figures released by the European Central Bank (ECB).

The latest figures, which were provided by national central banks, suggest that nearly 74% of credit transfers in the euro area were already SEPA-compliant at the end of December compare with 64% in November 2013.

The figure stood at 41% for direct debits, a very sharp increase from the 26% registered in November 2013.

The statistics revealed that if the current rate of migration sustains, the large chunk of stakeholders will complete their migration by 1 February 2014.

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