Usage of SCT as a percentage of all CT transactions per euro area country.

National and cross-border Sepa credit transfers increased from 42 per cent compliance in December 2013 to 80 per cent in February, the Central Bank of Malta reported.

Malta has also seen a considerable increase in Sepa-compliant direct debit transfers, from 46 per cent in December to 75 per cent in February.

The 18 countries that use the euro have all made major strides in the last couple of months ­– but the progress came too late to halt a deferral of the February 1 deadline by six months.

The CBM has decided, in view of the progress registered in Malta, that the deadline for credit transfers would be extended to May 1 and for direct debits to August 1.

Only three countries had reached the 100 per cent compliance level for credit transfers by the original deadline, with Germany, Ireland and Italy among the laggards.

Six countries outside the eurozone are also using Sepa on a voluntary basis, including Denmark, the UK and Sweden.