SEPA – didn't we just talk about this? Yes, you're right! In 2014, the standardized SEPA formats were implemented for European payments.
But, after organizations successfully mastered this major project, they must not lose sight that the next SEPA deadline is approaching fast for European companies: From February 1, 2016, the following SEPA rules apply in Europe:
- Non-Euro countries will also have to use SEPA formats. Currently they are still exempt.
- BIC, the Bank Identifier Code, no longer has to be entered.
- IBAN only – it is sufficient to only enter IBAN without BIC for credit transfers. Private customers will also have to use IBAN. The old bank data (account number, bank number) are no longer accepted. Important: Previously it was possible to have payment service providers convert your bank data to IBAN. This is now no longer provided.
- Local formats (DTAUS) are no longer available. For all European payments, including domestic ones, the SEPA ISO 20022 XML format has to be used for credit transfers and direct debits. Old formats can no longer be converted to XML by the banks from 2016. The old formats will no longer be used at all, which was already mandatory for companies in 2014. Payments using EBICS can only be submitted with execution dates before February 1, 2016 as of November 2015.
- As of November 2017, DTI will no longer be available as request type and format. All customers that use this format have to migrate to camt.054 until then.
- Niche products will have to comply with SEPA regulations.
- Work remains to be done especially in cases in which companies used service providers for the conversion of formats. Organizations using niche products will have to switch to alternatives by then.
For additional details of the regulations take a look at the official page of the European Payment Council.
Hanse Orga's FinanceSuite modules such as the FinanceSuite Payment Management are fully compatible with SEPA regulations so that customer can use all required format accordingly.
You want to learn more or want support to comply with regulations in due time? Contact us. We provide all advice and support you need.