SCT: 74% of State’s Credit Transfer Volumes to Be Migrated by End March
- Since January 2011, France counts more than 10 million SCTs every month thanks to the SEPA migration of almost all Civil Servants’ wages. Retirement pensions will also migrate to SCT in one step. Finally, in the end of the first semester 2011, central administrations expenses will migrate as well as tax-related applications.
- By March 2011, 74% State’s credit transfers will be SEPA compliant. Social Security administrations and their related agencies are planned to complete their migration end 2011.
- This information comes from the French SEPA National Committee, which met on 17 December and 13 January, the secretariat of which is provided by the Banque de France. After some delay, the public sector now leads the way, before the private sector. In fact, the MEDEF assesses that 57% of companies still have to migrate their payments. The CGPME (representing SMEs) says that only 23% of its members initiated a SCT. Lastly, according to the AFTE (French Corporate Treasurers), 25 to 30% of company businesses do not plan to issue more than 50% of SCTs by the end of the year 2011 yet.
- Regarding SDD, these sources state that more than half of French companies have no migration plan.
- The SEPA National Committee started to analyse how to migrate the French TIP (Interbank Payment Ticket). This study will explore the technical feasibility of SEPA evolution for TIP as well as for French télérèglement (EDI payment). A solution will be chosen by June 2011. The Committee will most likely rely on the Core SDD.