Cashbook Migration Pack for SEPA Direct Debits (SDD)
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 introduction of SEPA (Single Euro Payments Area) brings about one of the most significant changes in the European Monetary Union since the introduction of the Euro Currency. All companies operating within the SEPA region will now have to adapt their payment procedures to comply with the SEPA Format. SEPA is an initiative by the European Banking Industry to ensure that both domestic & foreign electronic payments across the entire Eurozone, use the same format, resulting in many advantages for companies operating in this region. Customers can now make cashless Euro payments to anyone in the Eurozone, using a single payment account and a single set of payment instructions. SEPA means transfers between bank accounts are fast, reliable and considerably more cost effective.
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.
S.E.P.A Zone Members
Cashbook’s S.E.P.A Solution
Cashbook offers companies a complete solution for SEPA compliance, now and into the future when payment protocols are updated. Cashbook has over 18 years of experience, dealing with over 165 banking formats throughout the world with over 200 Blue Chip/Fortune 500 clients. We are now at the forefront of the implementation of SEPA compliant payment formats for indigenous organisations throughout Europe and we look forward to assisting additional organisations with cost effective banking implementations from single site to shared service centre operations. Indeed, Cashbook’s electronic banking pedigree dates as far back as 1998 to a 60 site worldwide deal in the pharmaceutical sector, demonstrating the proven expertise that Cashbook has to offer in banking format/clearing house technology.
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 October 2016.
Which currencies are eligible for SEPA?
The way in which your business will benefit from SEPA Direct Debits(SDD):
How your business will benefit from SEPA Bank Statement Automation:
How your business will benefit from SEPA Credit Transfers (SCT):
The EPC believes that SEPA has a number of benefits including: