Is your data SEPA ready?
Having your bank account data in IBAN format is critical to being able to make and collect SEPA payments. Once SEPA compliance becomes mandatory in February 2014 the bank account data you provide to collect Direct Debits or initiate Credit Transfers must consist of a valid IBAN. Any data you have in domestic or BBAN (Basic Bank Account Number) format must be converted to IBAN or you will not be able to collect or make these payments.
It is also vital that you validate the BBAN data you hold when converting as studies have shown an average of 12.8% of the bank account data held by corporates holds a level of error that will lead to payment failure on SEPA migration* if this data is converted to IBAN without first validating.
If you would like more information or help with making sure your bank account data is SEPA ready please fill out the form below:
*Experian Whitepaper – Counting the hidden costs of SEPA – April 2012