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The SEPA initiative by the European Union commenced in 2002 with the aim of allowing seamless transaction flow between banks within the Single Euro Payments Area comprising the 27 EU member states plus Norway, Switzerland, Iceland, Monaco and Liechtenstein. This covers over 500 million citizens where over 85 billion payments are transacted annually. The use of agreed technical and procedural standards will allow consumers transact debit, credit and card transactions within these 32 countries as easily as within their own country. This should reduce costs to the end consumer and increase competition across national boundaries. SEPA covers
The EU regulations require all 17 Euro countries to convert to the new direct debit standard by 1st February 2014. Non Euro countries must convert by 31 October 2016. By these dates all national payment systems must have been “switched off” and replaced by the SEPA standard.
All businesses and non-profit organisations in Ireland already generating the direct debits must now comply with this EU Directive by January 2014. This means that
Business Solutions have created three product offerings to help you and your business.
SEPA Direct Debits: This is a Direct Debit Management system which gives you full control over all aspects of your Direct Debit cash collection.
SEPA Direct Debits Integrated: This system also manages your direct debit generation, importing the transaction amounts from your accounts system.
SEPA Converter: This is a product that will sit in parallel of your own Direct Debit system, as we recognise that some customers have DD systems that are deeply integrated into their IT systems.
Further information on the SEPA initiative can be obtained on the Banking & Payments Federation Ireland Payment Services Organisation website www.bpfi.ie , the Ready For Sepa website www.readyforsepa.ie and on the European Payments Council website www.europeanpaymentscouncil.eu
We recommend that you would talk to your own bank about considerations such as the timeframe in which direct debit files should be submitted and how you will be notified of unpaid debit transactions, as this will vary from one bank to the next.
The SEPA initiative by the EU commenced in 2002 with the aim of allowing seamless transaction flow between banks within the Single Euro Payments Area ... More
Our Direct Debits Software implementation team and customer pack will assist you with sample documentation and examples. We also have latest news, faqs and testimonials ... More