December 21, 2010 – Two years after the launch of the SEPA credit transfer, the number of SEPA credit transfers processed by clearing and settlement mechanisms located in the euro area has not yet reached the 10% threshold. A linear extrapolation of the current SCT migration rate of 9,3% (as of August 2010), suggests that it will take around 30 years to complete SEPA.

Even in a more optimistic scenario, it seems very unlikely that SEPA migration will be completed in less than 15-20 years without additional legislative intervention, according to European Payments Council.

On 16 December 2010 the European Commission published the proposal for  Regulation of the European Parliament and of the Council establishing technical requirements for credit transfers and direct debits in euros and amending Regulation (EC) No 924/2009.

Source: European Payments Council