Hartsink: SEPA Direct Debit will miss the deadline

In an interview with the payments journal SPEED, Gerard Hartsink revealed why Europe’s banks can no longer commit to a key SEPA deadline. Hartsink explained that banks will be unable to meet the 1 january 2008 SEPA deadline for direct debit as European lawmakers have failed to pass the PSD legislation required for SEPA. If the PSD is passed before April 2007, Hartsink believes the earliest SEPA direct debits can be offered by banks is Q4 2008. In the interview, Hartsink critised the public sector in Europe for not taking the lead in becoming SEPA compliant. He added, that the public sector lack the current resources required to do so before the 1 january 2008 deadline.


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