Untitled

Single Euro Payments Area Explained

SEPA Direct Debits

Cashbook Migration Pack for SEPA Direct Debits (SDD)

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
scale.

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 Direct Debits(SDD)?

  • Lower transaction charges and only one euro account required by the biller for collecting
    funds across 32 SEPA Zone countries
  • Facilitates the option of either a SDD Core scheme aimed at private individuals or SDD
    B2B Scheme available only to businesses
  • Payers allowed a ‘no questions asked’ refund during eight weeks following the debiting of a
    payers account. In the event of unauthorised direct debits, the SDD Core scheme allows
    for a refund up to thirteen months
  • Both SEPA Direct Debit schemes can be used for once off or recurrent direct debit
    collections. For the SDD Core Scheme once off direct debit the notice period is five days
    and for subsequent instructions the notice period is two days prior to the due date
  • SEPA Direct Debits facilitate R-transactions whereby a number of different scenarios are
    catered for including returns, refunds, reversals and rejections
  • Users benefit from the PE-ACH (Pan European Automated clearing House) which plays a
    pivotal role in the processing of incoming R-transactions
  • Certainty is provided about the availability of money in the payee’s account
  • Both SEPA Direct Debit schemes can be used for once off or reoccuring direct debit
    collections
  • Businesses need the ability to store Direct Debit Mandate information to comply with
    regulations

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

To implement SEPA Credit Transfers for your organisation, please email Robert
                                    , re  or                                   questing a SEPA Cashbook Migration Pack
Order Form and our Cashbook Team will be happy to organise your implementation.
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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.

SDD

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