The past & future of SEPA

The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. (learn more about SEPA in our "The Changing Face of European Banking: SEPA and the Benefits It Offers Corporates and Banks" article)

A major milestone for the full adoption of SEPA is quickly coming up in the beginning of 2016, when:
- Exemptions regarding use of the IBAN, BIC and ISO 20022 permissible under Regulation (EU) No 260/2012 are no longer possible after 1 February 2016.
- Niche products must comply with Regulation (EU) No 260/2012 by 1 February 2016.

With that in mind we thought now is the time to review the past and take a peek at the future of SEPA. In future articles we will elaborate on the details of what the upcoming transition entails for banks & corporates.

Using information from an article published by SEPA for Corporates we have created the following infographic for your viewing pleasure!