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With this newsletter we are introducing a new column in which we present SAP-integrated FinanceSuite modules in a nutshell. In this issue’s column, please find out how to deploy best practices cash application process with the FinanceSuite AutoBank Automatic Cash Application.
SEPA Series Part 4
The fourth and last part of our SEPA Series is all about "Finance Suite Payment Management and SEPA". For payment transactions, SEPA means that payments will have to made by using the standardised XML formats for payment initiation (pain), and bank number and account number will need to be converted to BIC and IBAN. BIC and IBAN need to be adjusted in the master data. If you have not done so yet, you will need start the migration of your payments to the XML formats in time before 1 February 2014.
EMIR and its Challenges for Treasurers
As a reaction to the financial crisis, the US passed the Dodd-Frank Act in 2010 with the goal to regulate OTC derivatives. The EU follows suite with the European Market Infrastructure Regulation (EMIR), (EU) 648/2012: From February 2014, companies have to report OTC derivatives to a certified trade repository.
SEPA and Direct Debit Mandates: Mandate Management, Signatures, etc.
While the migration of credit transfers to SEPA formats is relatively easy, the migration of direct debit mandates holds uncertainties, especially in regard to the handling of direct debit mandates. Generally, SEPA regulations require a signed original document so that the direct debit is seen as authorised. Alternatively, the use of so-called eMandates is permitted.
New: Account Statement Manager
With SEPA, the new XML formats for European payments are mandatory as of 1 February 2014. The trend towards harmonisation continues, and countries participating in SEPA are also working towards standardised formats for bank statements, remittance advices, etc. With the Account Statement Manager Hanse Orga has developed a new solution with which you can quickly meet the new requirements when processing these XML formats (camt.053*, camt.054*).
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SAPSA Impuls, Stockholm
UK & Ireland SAP User Group, Birmingham
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