SEPA is a long-term project (SEE timeline). An important milestone was reached on 1 February 2014, the legal end date for migration to SEPA credit transfers and SEPA direct debits in the euro area (there was GRACE period until the 1 August 2014 for the processing of legacy payments). The deadline for EU Member States with other currencies, applicable to payments in euro, is 31 OCTOBER 2016. The EU regulations also require the use of certain common standards and technical requirements, such as the use of International Bank Account Numbers (IBAN) and the financial services messaging standard ISO 20022 XML.

SEPA is a long-term project (see timeline). An important milestone was reached on 1 February 2014, the legal end date for migration to SEPA credit transfers and SEPA direct debits in the euro area (there was grace period until the 1 August 2014 for the processing of legacy payments). The deadline for EU Member States with other currencies, applicable to payments in euro, is 31 October 2016. The EU regulations also require the use of certain common standards and technical requirements, such as the use of International Bank Account Numbers (IBAN) and the financial services messaging standard ISO 20022 XML.