Cashbook Migration Pack or SEPA Credit Transfers (SCT)
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 scale.
SEPA Deadline: 1st of 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 the 1st of February 2014 & Non Euro States for the 31st of October 2016.
Which currencies are eligible for SEPA?
Euro currency transactions only.
Prior to SEPA there were many different payment areas or ‘clearing systems’ within Europe. This resulted in cross border European payments being both expensive and disparate. The European Payments Council (EPC) has laid the groundwork for a more standardised payment infrastructure.
How your business will benefit from SEPA Credit Transfers (SCT):
The EPC believes that SEPA has a number of benefits including: