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The Single Euro Payments Area (SEPA) initiative creates a zone in which all euro electronic payments are treated as domestic by removing existing differences between national and pan-European cross-border
SEPA enables you to make cashless euro payments to anyone located in the SEPA zone using only a single bank account and one set of payments instructions.
This means that from August 1st 2014 all euro payments now require the use of IBAN(International Bank Account Number).
Failure to collect and validate IBAN details is likely to lead to failed payments, increased rejections costs and poor customer service. 34 million euro transactions are made every year and around 12.7%* have been found to be incorrect; and with the cost per failed transaction at an average of €50, the financial impact for your business if validation and conversion is not correctly carried out could be significant