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Key information on SEPA Solutions and SEPA FAQ

What is SEPA?

SEPA (Single European Payments Area) is a payment initiative that will transform the way you do business in Europe, by turning the fragmented national markets for euro payments into a single domestic one.

SEPA will consolidate payment processing throughout the eurozone. Ultimately, cross-border payments will be made as easy as domestic transactions.

What does SEPA affect?

As of August 2014, existing national euro Credit Transfer and Direct Debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). The deadline for non-euro countries to make the same changes is 31 October 2016.

SEPA regulations affect:

  • Payment service providers
  • Payment service users: e.g. corporates, small and medium
  • sized businesses, public bodies and government agencies.

What changes to mandates are required as a result of SEPA?

SEPA regulations require all domestic mandates to be converted in to the correct SEPA format, including BIC / IBAN conversion.

AccessPay’s Mandate Migration Module handles this part of the SEPA migration process.

What are the key SEPA regulations?

The key features of the new SEPA regulations are:

  • The payment account identifier must be the IBAN
  • The standard for message formats must be the ISO 20022 XML Standard
  • The remittance data field must allow for 140 characters
  • Remittance references information must be passed in full between PSPs in the payment chain
  • Payment transactions must allow for fully automated, electronic processing
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