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Banks provide clarity on SEPA

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Yesterday, the European Commission announced a proposal to introduce a six-month transition period after the SEPA deadline of 1 February 2014. Pending a decision on the proposal, banks want to provide clarity to their customers.

Logo with the text 'Switch to IBAN', in which the letters IBAN are displayed in green circles as a visual indication of the switch to IBAN.

During the transition period, banks will continue to provide consumers with the same online banking support for converting old account numbers to IBANs.

A large proportion of businesses are already ready for SEPA. Banks strongly urge those that are not yet ready to complete their transition to SEPA before 1 February 2014.

Banks will contact businesses that are not ready by 1 February 2014 during the transition period to help them move to SEPA quickly. During the proposed transition period, banks will continue to process Dutch direct debits and credit transfers where necessary.

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