Are You Ready For SEPA?

Are You Ready For SEPA?

What is SEPA?

The Single Euro Payments Area (SEPA) is an initiative of the EU governments, the European Commission and the European Central Bank (ECB), to create an integrated payments market across Europe for any organisation or individual making or receiving payments in Euro’s.

The European Parliament and European Commission have agreed on a deadline of 01st February 2014 for the phasing out of domestic credit transfers and direct debits, and moving to SEPA Credit Transfer and SEPA Direct Debit and other SEPA requirements. This deadline applies to EU member states in the Eurozone.

It is vital that businesses begin migrating as soon as possible, to ensure they are well placed to benefit from the new payment landscape.

How can Culex help?

As an independent partner of Exact we are well positioned to offer you impartial advice to ensure your business is SEPA compliant.

Are you ready?

The successful migration to SEPA will be achieved with good preparation. Let Culex review your current Exact setup and configuration to ensure it meets the minimum requirements to utilise SEPA functionality. We will produce a plan of approach detailing the project deliverables and make sure your business is ready in time.

Masterdata

Your master data will need to be compliant to work with SEPA payments and SEPA direct debit. You will need to assign the SEPA related data to your suppliers and customers such as BIC and IBAN numbers. Culex can help to reduce the manual updating of masterdata by automating the process, we can also provide IBAN validation on information provided by your business partners to ensure that when SEPA payments are made they will be processed without delay.

Message

Your output documents such as Invoices will need to reflect your IBAN and BIC details, Culex can help with providing assistance with any layout changes you require.

Process

Our highly experienced consultants will guide you through the process of generating SEPA payments in Exact Globe using the Cash Flow module.

Contact us for an initial no obligation consultation on SEPA with Exact – 08000 199 420

Source: http://www.europeanpaymentscouncil.eu

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