Single Euro Payments Area Explained

SEPA Bank Statement Automation

Cashbook Migration Pack for SEPA Bank Statement Automation

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.

Key Objectives:
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 Bank Statement Automation?

  • Greater bank statement automation will reduce your company’s administration expenses
  • Bank statement automation enables automatic bank reconciliation (>95% auto-reconciled
  • Facilitates automatic reconciliation of incoming payments with outstanding invoices based
    on the ISO Creditor Reference Standard (ISO 11649)
  • 140 characters of remittance information are delivered without alteration or omission from
    the payer to the payee to MT940 files or CAMT files which can be auto-uploaded and auto-
  • Easy identification of a payment through specific data fields which clearly indicate payment
    types (i.e. salaries or taxes) facilitating auto-coding to specific ledger codes

SEPA Bank Statements – Getting Started
Cashbook and its partner INFOR are available to assist you in this transition to SEPA Bank
Statement Automation by providing all the necessary transformation capabilities.

To implement SEPA Bank Statement Automation for your organisation, please email
Robert                                                 or                                   requesting a SEPA Cashbook
Migration Pack Order Form and our Cashbook Team will be happy to organise your
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SEPA Compliant Bank Statement Automation Download
SEPA Credit Transfers
SEPA Direct Debits
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.

SEPA Bank Statement Automation

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Bank Statement Automation
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Deductions Reconciliation
OCR Remittance Reconciliation
OCR Remittance Reconciliation
OCR Remittance Reconciliation
OCR Remittance Reconciliation
OCR Remittance Reconciliation
OCR Remittance Reconciliation
Deductions Reconciliation