SEPA offers a number of benefits to businesses as well as private individuals. Harmonisation of cross-border payment services means that payments can be made and collected throughout the SEPA zone from a single bank account. You need to be aware, however, of the changes it will entail for your business. From 1 February 2014, the European standards will be obligatory and it will only be possible to use European credit transfers and direct debits. From that time, national formats will therefore no longer be valid.
Changes to customer and supplier information
The transition to SEPA means that 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 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 accounting and management 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.
We can 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? The SEPA direct debit (SDD) (IF9216/IN9216) (FR / NL)