GTB News

31 January 2014

Important message regarding SEPA migration end date for corporates in Europe

As advised in its press release of January 9, 2014 on the SEPA migration end-date for corporate clients, the European Commission has published a proposal to keep the end-date unchanged, but to allow for an extra transition period of up to six months – to August 1, 2014 – during which payments (credit transfers and direct debits) that differ from the ISO 20022 XML SEPA format can still be accepted and processed by Payment Service Providers and legacy clearing/payment schemes.
On this basis Deutsche Bank will continue to accept and process electronically submitted credit transfers and direct debits in their legacy format in all its booking locations after the SEPA Migration End-date February 1, 2014 (EU-Regulation No. 260/2012). The legal basis for the processing of those payments by Deutsche Bank will be the existing terms and conditions in place until January 31, 2014. The additional transition period in the Euro countries can vary from country-to-country and differs for Deutsche Bank booking locations from between six weeks to six months. Please refer to the detailed country-by-country overviews as provided by the European Central Bank (ECB) and Euro Banking Association (EBA).

The SEPA Council in Germany has decided to exclude the direct debits under the collection authorization procedure (Abbuchungsauftragsverfahren) from this transition period. Therefore, Deutsche Bank will not process such orders after February 1, 2014.

Deutsche Bank recommends that its clients stay the course with their SEPA migration projects and finalize them as soon as possible. Clients who envisage being unable to achieve full SEPA readiness within this timeframe should get in touch with their regular contact within Deutsche Bank.


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Last Update: 31.1.2014
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