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Banks continue to target IBAN transition by 1 February 2014

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Dutch banks have taken note of the European Commission’s proposal to retain the 1 February 2014 deadline for the transition to SEPA standards while introducing an additional six-month transition period. During that period, banks would still be permitted to accept payments using current national standards. It is not yet clear whether, and if so when, the proposal will be adopted by the European Parliament and the Council of Ministers.

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.

Dutch banks note that, unlike in some other European countries, the transition in the Netherlands is already at an advanced stage. They therefore remain committed to completing the transition to SEPA standards by 1 February 2014. The European Central Bank has also called on all market participants to complete their transition by that date.

The implications of the proposal for existing customer migration schedules are now being assessed.

Additional information will be published on the websites of the Dutch Payments Association and the banks.

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