More information on SEPA
- Products and services
The European Commission yesterday proposed to implement a 6-month transition period after the final SEPA date of 1 February 2014. Pending the decision on this proposal, Dutch banks want to give their clients clarity.
During the transition period, banks will continue to give their clients the same support for internet banking by converting old bank account numbers to IBAN. Most companies are prepared for SEPA. Banks are urging companies that aren’t prepared, to fully transition to SEPA before 1 February 2014. Companies that still aren’t ready by 1 February 2014 will be contacted by their bank, asking them to make a prompt transition to SEPA. During the proposed transition period, banks will continue to process direct debits and bank transfers when necessary.