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European Commission Extends SEPA Deadline by 6 months

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On January 9th, 2014 the European Commission announced it extended the deadline to adopt SEPA format by six months. The proposal does not change the formal February 1st, 2014 deadline for migration but payments with legacy formats could continue to be accepted until August 1st, 2014.  This extension intends to minimize any possible risk of disruption to payments for consumers and businesses.

PeopleSoft Global Payroll customers in the Euro Zone now have more time to migrate their payroll payments to the SEPA format. However, they shall make sure their bank is willing to accept non SEPA payment files until August 1st, 2014.

You can view the European Commission’s press release here.

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