Single Euro Payments Area Explained
We are very pleased with the product
(Cashbook Electronic Payments) as well
as the ongoing support and
responsiveness of Cashbook. My goal
was to systematize and streamline our
A/P payment process - that was definitely
Melanie D. McElroy, Director of Finance, RC
Bigelow Tea, USA - Customer since 2004
SEPA Credit Transfers
Cashbook Migration Pack or SEPA Credit Transfers (SCT)
What is SEPA?
The Single Euro Payments Area (SEPA) is the payments integration initiative of the European
Union for simplification and harmonisation of bank transfers. As of March 2012, SEPA consists of
the 27 EU Member States plus the four members of the EFTA (Iceland, Liechtenstein, Norway
and Switzerland) and a remaining country Monaco.
The project’s aim is to improve the efficiency of cross border payments and turn the fragmented
national markets for Euro payments into a single domestic one: SEPA will enable customers to
make cashless Euro payments to anyone located anywhere in the area using a single bank
account and a single set of payment instruments. The project includes the development of
common financial instruments, standards, procedures, and infrastructure to enable economies of
SEPA Deadline: 1st February 2014
Since January 2008, SEPA credit transfers and direct debit transfers have been in operation.
Euro States must migrate to the SEPA standards before the SEPA migration end-date of 1st
February 2014 & Non Euro States for 31st October 2016.
Which currencies are eligible for SEPA?
Euro currency transactions only.
How your business will benefit from SEPA Credit Transfers (SCT)?
- A customer involved in a Credit Transfer payment can only be charged by their own
payment service provider
- Facilitates lower transaction charges for payments across SEPA Zone from a single Euro
- 140 characters of remittance information are delivered without alteration or omission from
the payer to the payee
- Easy identification of a payment through specific data fields which clearly indicate payment
types (i.e. salaries or taxes)
- Pre-agreed timeframes for delivering Credit Transfers provide certainty for cash collection
- Facilitates automatic reconciliation of incoming payments with outstanding invoices based
on the ISO Creditor Reference Standard (ISO 11649)
SEPA Credit Transfers – Getting Started
Cashbook and its partner INFOR are available to assist you in this transition to SEPA Credit
Transfers by providing all the necessary transformation capabilities.
To implement SEPA Credit Transfers for your organisation, please email Robert
, requesting a SEPA Cashbook Migration Pack Order Form and our
Cashbook Team will be happy to organise your implementation.
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For more information about how Cashbook can help you with your SEPA needs, please read the
following information sheets that explain each of Cashbook's Enterprise Migration Packs.