The European Council approved a formal set of requirements for credit transfers and direct debit transactions, part of the Continent’s slow movement towards adopting a Single Euro Payments Area (SEPA).
The regulations make IBAN the only account identifier required for cross-border and national payments as of February 2016. A year later, multilateral interchange fees (MIFs) for direct-debit transactions will be phased out as well, explains New Europe.
The deadline for general compliance with SEPA is Feb. 1, 2014.
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