SEPA (Singe Euro Payments Area)

Singe Euro Payments Area includes all countries of European Union plus Switzerland, Norway, Liechtenstein and Iceland.

The ‘International Organization for Standardization’ (ISO) develops standards to ensure desirable characteristics of products and services such as quality, environmental friendliness, safety, reliability, efficiency and interchangeability - and at an economical cost.

The SEPA Credit Transfer feature is one of the flavours of ISO Credit Transfers. In R12, the SEPA credit transfers feature was introduced and further enhanced based on the new versions of SEPA Credit Transfer rule book and implementation guidelines.

The SEPA Credit Transfer covers the credit transfer transactions originated and settled within 33 members countries and is only for Euro transactions. This feature covers transactions in euro currency and contains specific validations prescribed under SEPA guidelines.

 

 

Advantage of SEPA :

• consumers to reach all accounts SEPA‐wide from one home country account.
• faster settlement and simplified processing will improve cash flow and reduce costs.
• One single file in a common format can be used to receive and send payments throughout SEPA
• Banks will have opportunities to develop innovative products, enter new markets and win new relationships.