Banco de Portugal encourages the migration to SEPA
With the Single Euro Payments Area (SEPA), consumers, corporates and the public administration can make and receive payments in euro across the European Union, Iceland, Liechtenstein, Monaco, Norway and Switzerland, using a single bank account, based on the same rules, rights and obligations. The deadline for migration to SEPA is 1 February 2014.
Banco de Portugal closed today in Coimbra a series of regional seminars, entitled “SEPA: É tempo de agir” (SEPA: It’s time to act).
This series of seminars started in June. Throughout two months, the central bank explained to around 350 corporates and public administration bodies across the country what is SEPA and its impact. The seminars’ goal is to encourage the migration to SEPA, due to be completed by 1 February 2014.
SEPA is a European project designed to harmonise the way payments in euro are made across the European Union, Iceland, Liechtenstein, Monaco, Norway and Switzerland. With SEPA, consumers, corporates, public administration bodies and other economic agents will be able to make and receive payments in euro, in these countries, using a single bank account, based on the same rules, rights and obligations.
In Portugal, it has been possible to make SEPA credit transfers since 28 January 2008 and SEPA direct debits since 1 November 2010 (alongside legacy credit transfers and direct debits).
By 1 February 2014 all retail payments taking the form of direct debits and credit transfers must comply with the SEPA technical and business requirements, set out in Regulation (EU) No 260/2012 of 14 March 2012.
These regional seminars were held in Faro, Évora, Porto, Braga, Funchal, Ponta Delgada, Castelo Branco, Lisboa, Viseu and Coimbra.
Lisbon, 24 July 2013