EU Commission praises SEPA migration in Germany
The Pension Service of Deutsche Post is a driver in the new European payment standard.Bonn, 12/02/2011, 10:00 AM CET
At the end of November, more than 22 million pension payments were already made in the form of SEPA payments.
The Internal Market and Services Directorate General of the EU Commission has praised the Pension Service of Deutsche Post in its latest status report on the migration to the new European payment standard SEPA (Single Euro Payments Area). More specifically, the rapid rise of SEPA payments in Germany and the role of the Pension Service as a trailblazer for the switchover of payments from public authorities are given particular mention. At the end of November, more than 22 million pension payments were already made in the form of SEPA payments - this corresponds to roughly 90 percent of all Pension Service payments.
Security and quality
"We are delighted about the praise from Brussels. In cooperation with the German financial institutes and the German Pension Insurance Provider, we have driven a key European project for the financial sector. Security and quality were the top priority," says Uwe Ringling, head of the Pension Service business department at Deutsche Post.
On behalf of the German Pension Insurance Provider and in close cooperation with the financial institutes involved, the Pension Service started very early to align bank transfer requests for the monthly pension payments in Germany with this new procedure. The EU Commission considers the migration level of 75 percent which was achieved by mid-2011 to be "remarkable".
As part of the launch of the Single Euro Payments Area SEPA, payment transactions between the banks and financial institutes are being harmonized across borders and standard legal bases for national and international payments in Europe created. Any progress made in the launch of SEPA is actively monitored by the European Commission.