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| SEPA End Users Committee in Europe's Official Letter to EPC |
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The SEPA End Users Committee in Europe (the EUC) has officially written to the European Payments Council to warn the banks about the risk of not meeting any of the additional security requirements expected by a vast majority of the users of Direct Debits in Europe. The EUC also notes its disappointment with the absence of progress towards the expected creation of the SEPA Council and the slow take up of SEPA by the national administrations. The EACT's Olivier Brissaud, who chairs the SEPA End Users Committee says 'the EUC is committed to the success of SEPA but still refuses to consider an end date (the switching-off of the Direct Debit legacy systems) as long as the SEPA Direct Debit does not meet the users' requirements'. You can read the letter here |
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| Last Updated ( Friday, 16 April 2010 ) |
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| Use of IBAN and BIC in European Credit Transfers – Public Consultation |
The EPC Customer Stakeholder Forum (CSF) representing the EPC and customer organisations acting on a European level have prepared a set of questionnaires to investigate the actual experience of users inputting the IBAN and the BIC.IBAN is a problem in a number of countries who still use old bank coordinates. The two main reasons for this are that IBAN is not yet mandated by national law in these countries, and that they do not have the IBANs for their suppliers and IBANs cannot be safely obtained from BBAN by a safe algorithm.The first problem will be solved when the SEPA end date is fixed. The second, however, requires cooperation among customers, suppliers and banks and, possibly, a smart solution like the one implemented in Italy where corporates receive IBAN updates directly from banks. |
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