SEPA offers a number of benefits to businesses as well as private individuals. The streamlining of cross-border payments will, in fact, make it possible to make and receive payments from or into a bank account throughout Europe. You need to be aware, however, of the changes it will involve for your business.
Changes to customer and supplier information
The transition to SEPA means you will need to scrutinise your payment and collection processes. You will, in fact, need the IBAN (International Bank Account Number - a number made up of 34 alphanumeric characters to identify an account in a particular bank) and BIC (Bank Identifier Code) for all your customers and suppliers. As well as adjusting your management and accounting software, you will probably have to update various other computer applications. This will no doubt require some investment, but will generate significant cost savings for your business's payment cycle.
BNP Paribas Fortis is here to help
Our customers can count on a smooth and simple transition. We are at your side to offer safe, efficient, high-quality payment services. Thanks to our expertise, you can be confident of a successful transition to SEPA.
Preparing efficiently for the SEPA as a business?
Discover how in our leaflet (pdf, FR)