Yes, EU regulation 260/2012 means that all businesses must conform to the new SEPA standards before the end-date of 1 February 2014.

What is the SEPA timeframe? SEPA has been introduced on a phased basis. The rollout of SEPA credit transfer and direct debit capabilities began across the 32 SEPA countries in 2008.

By 1 February 2014, all existing national credit transfer and direct debit schemes must move to the SEPA credit transfer and direct debit payment schemes. At that point, IBAN and BIC codes will replace national sort codes and account numbers for all euro electronic payments.

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