The European Commission in collaboration with the Eurosystem is investigating the possibility of a regulation to facilitate the migration to the Single European Payments Area (Sepa), said Gertrude Tumpel-Gugerell, an executive board member of the European Central Bank.

Tumpel-Gugerell said a Sepa migration end-date for credit transfers and for direct debits would make clear that migration cannot take forever. She said it was apparent that maintaining dual systems was costly not only for banks