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Don't delay. Get SEPA ready today

The SEPA end date is February 2014, when all payment formats will require IBAN and BIC in order to be successful. If left until the last minute, the SEPA requirements have the potential to be both disruptive and costly.

There is a competitive advantage to early migration to SEPA as ensuring you have the correct IBAN formats prior to the end date  will ensure your business continuity.

Even if you’re not experiencing failed payments today, failure to migrate to SEPA by the deadline will ultimately result in failed payments and increased costs which will negatively impact on the profitability of your business.

Take steps to begin migration to SEPA today.

To download your copy of this brochure please click HERE or on the image to the left

Questions about SEPAOur online brochure covers off a series of questions asked by customers on SEPA regulations, benefits, requirements and solutions.

To download your copy of this brochure please click HERE or on the image to the left

Counting the hidden costs of SEPA migrationThe European Council has formally adopted a Regulation to move euro payments from domestic clearing to SEPA-compliant, pan-European systems by February 2014.

Critical challenges to conversion and validation remain as the data being used is riddled with significant errors – currently estimated at around one in eight account numbers.

Over and above this, more than one in four records have additional conditions which could further prevent straight-through-processing.

Failed transactions pose significant costs of around €6 for every account number held: €600,000 for businesses with 100,000 customers.

Vast differences in data quality still exist between countries and industry sectors despite SEPA’s looming adoption deadline.

Early adopter businesses will enjoy risk, resource and reputational advantage.

The preoccupation with the on-going Eurozone crisis clearly highlights how appetites to retain existing political, economic and financial structures are as strong as ever, making demand for improved end-to-end straight-through processing extremely time-critical, as the switch to SEPA compliance could help underpin the euro’s survival.

To download your copy of this brochure please click HERE or on the image to the left

How does migration to IBAN format impact payments integrity?At the point of writing businesses in the Eurozone are more than 80% of the way through the migration window to SEPA standards while around 30% of credit transfers and 2% of direct debits are now SEPA-compliant.

Businesses must move to international standards to become SEPA compliant: International Bank Account Numbers (IBAN) – ISO13616, Bank Identifier Codes (BIC) – ISO 9362, ISO20022 XML payment file format
Businesses which currently use IBAN-format account numbers have reduced error ratesb (4.6%) in comparison with those using domestic account numbers (12.7%) however this would still represent a significant increase in failed payments over the 1-2% currently experience by European organisations
Migrating existing customer records to the IBAN standard will be a huge challenge given the sheer scale of records which will need to be updated  and, as a result, large creditors face significant challenges to migrate and maintain SEPA-compliant mandate information.

At the same time, many Bank Identifier Codes (BICs) are also invalid or out of date following numerous bank mergers, reorganisations, defunct branches or structural changes.

Businesses must look to use, leverage and embed data validation within their systems and processes if they are not to incur significant costs as their operating countries move to SEPA.

Given the limited time to migrate, organisations must start their SEPA programmes now or risk business continuity through non-compliance.

To download your copy of this white paper please click HERE or on the image to the left

Will poor quality in domestic account data affect the migration to SEPA?The Single Euro Payments Area (SEPA) requires that businesses make changes to their existing payments applications and databases to support new payment schemes both cross-border and domestically.

This white paper addresses the issue of migrating existing  payments data to the new format and explores the effect of inherent error in legacy bank account information.

To download your copy of this white paper please click HERE or on the image to the left

FAQ

Frequently asked questions about SEPA. Find out more

Bank Wizard evaluation tool

Evaluate our SEPA solutions and services online for FREE. Find out more

Microsoft

Global computer giant opts for Bank Wizard to support accurate and timely cross-border commission payments. Find out more

Levi Strauss & Co

Levi Strauss & Co take advantage of SEPA Credit Transfer to initiate, process and reconcile payments across the Eurozone. Find out more

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