SEPA will simplify and standardize European trade; leading to more secure, efficient and cost effective payments for businesses in the UK and beyond.
Being able to use just one bank account will allow you to reduce costs of payments and banking fees, and the standardization that SEPA brings will make it easier for you to move cash around - an essential part of any good risk management strategy. SEPA will also improve visibility of your cash positions, further reducing risk.
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.
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:
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.
The key features of the new SEPA regulations are:
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