The NFS has taken note of the proposal by the European Commission to maintain the 1 February 2014 deadline for transition to the SEPA standards, but at the same time introduce a six-month transitional period during which current national standards for payments may still be accepted by banks. It is as yet unclear if, and if so, when this proposal will be accepted by the European Parliament and the Council of Ministers.

The NFS observes that - unlike in some other European countries - SEPA migration in the Netherlands is well advanced. Estimates show that in December 2013 already 80% of credit transfers and more than 50% of direct debits were processed according to the new SEPA standards. A vast majority of companies that have not yet switched over is expected to be able to do so before the 1 February deadline. The NFS will therefore continue to aim for completion of the changeover to SEPA standards by 1 February 2014. The European Central Bank has also appealed to market parties to round off the migration process by that date.

The NFS was instigated by the National Forum on the Payment System (MOB) and supports the migration in the Netherlands to IBAN and payment instruments based on European standards. The Forum, chaired by De Nederlandsche Bank, offers Dutch payment instrument providers and users a platform for exchanging information, discussing possible approaches and reaching agreement on the migration of the Dutch payment system.

Further information: Remko Vellenga (020-524 22 72, 06-524 96 574) and Herman Lutke Schipholt (020-524 27 12, 06-524 96 900).

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