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What is SEPA?

The SEPA basics What is SEPA? SEPA (Single Euro Payments Area) is a European-driven regulation across 32 SEPA member countries What is the aim of SEPA? SEPA Direct Debit Scheme It aims to create a single, integrated, standardised payments market across Europe. This will allow payments in euro to be made and received in and between each of the current 32 SEPA countries Individuals and businesses will be able to move money as easily, quickly, securely and efficiently cross-border, as they do at home What are the benefits? Customer benefits Business benefits V Greater choice of service, competition and flexibility to perform electronic euro banking Greater choice of service, competition and flexibility to perform euro banking transactions transactions Gradual harmonisation of payment instruments across the current 32 SEPA countries All SEPA payments will be as easy and cost-effective as domestic payments are today Options to reduce the number of bank accounts, and in theory to, consolidate payments and liquidity management to one location V Pay by direct debit for services provided by companies throughout SEPA e.g. utility bills Guaranteed timelines for payments and returns. Standardised payment infrastructures increasing cross-border market V Access to more detailed payment information for credit opportunities transfers and direct debit collections A standardised file-format for payment instructions Improved consumer entitlements and rights Ability to credit salaries to accounts in other SEPA countries Undertake al| SEPA payments Ability to create cross- border direct debits with customers throughout from one bank account all SEPA countries The SEPA timeline 1st January 2008 SEPA card framework launched 28th January 2008 SEPA credit transfer scheme launched November 2009 November 2009 Payment Service Directive launched in each country SEPA direct debit was implemented 1st February 2014 National Migration end date in euro countries 31st October 2016 National Migration end date in non euro countries AD SEPA SEPA Credit Transfer Direct Debit Scheme Scheme SEPA Cards Framework SEPA PRODUCTS AD SEPA SEPA Direct Debit SEPA Credit Transfer Cards Scheme Framework Scheme A SEPA Credit Transfer (SCT) scheme makes it The SEPA Direct Debit (SDD) The SEPA Cards Framework (SCF) allows card scheme allows both possible to make cross-border payments and cash withdrawals to be domestic and cross-border collections to be made made as easily, safely and efficiently throughout the SEPA zone as at home electronic payments in euro throughout in euro throughout the the current 32 SEPA countries as securely and efficiently as making the equivalent domestic current 32 SEPA countries Consumers are able to pay for goods or services throughout Europe via direct debit as easily, securely and efficiently as they do at home This will mean more flexible payment options for people living and travelling throughout the SEPA zone payments It will be as simple and straightforward to make a payment transfer from Dublin to Paris as from Dublin to Cork SEPA preparation Customer preparation BIC and IBAN will replace NSC and Account Number as the main payment identifiers. All companies, in the 32 countries, that make credit transfer payments and or initiate direct debit Consumers will collections need to migrate to SEPA. It is essential to understand SEPA and what it means for your need to become familiar with these key pieces company. And, what steps you need to take moving forward. of information Business preparation Countries covered by SEPA There are currently 32 members of SEPA. It comprises the 27 EU member states, the three European Economic Area countries (Iceland, Liechtenstein and Norway), Switzerland and Monaco What currencies are covered by SEPA? SEPA where debtor and transactions creditor accounts are always are registered with executed banks in one of the in euro SEPA countries Is SEPA mandatory? YES With the passing of the EU Regulation (260/2012) in February 2012, the move to SEPA standards will become mandatory for the current 32 SEPA countries This means that if you are not ready for SEPA by 1st February 2014 in Ireland you will not be able to carry out electronic non-urgent euro transactions When will SEPA happen? National domestic Countries where euro is schemes in euro not the domestic currency will close their domestic schemes by countries will shut down on the FEBRUARY 2014 OCTOBER 2016 1st 31st For more information visit transactionage.com transactionage

What is SEPA?

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SEPA aims to create a single, integrated, standardised payments market across Europe. The SEPA migration will affect both individuals and businesses in 32 European countries. The following infographic...

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