According to the EPC, any further regulatory intervention by the European Commission (EC) in relation to SEPA could potentially "derail the entire ... projectâ.
Earlier in the year, the EC stated that it may look to implement regulations for euro credit transfer and euro direct debit schemes to comply with âessential requirementsâ.
However, ECP raised a number of concerns surrounding the legislation based on statements previously released by the EC.
The regulation may not establish final end dates for the termination of national euro payment schemes or allow competing and interoperable credit transfer or direct debit schemes, which could encourage market fragmentation, the council stated.
Gerard Hartsink, EPC chair, said: âThe scene is set to bring SEPA to its successful conclusion. It is now up to EU lawmakers to provide planning security to all market participants by setting a clear deadline for migration to the SEPA schemes.â
The organisation also said that new legislation has come into effect from today (November 1st) requiring euro banks to have mandatory reachability for cross-border direct debits.
By Jim Ottewill