Single Euro Payments Area (SEPA)
Payment standardization across Europe
Migration end date for SEPA compliance
With the European Parliament setting 1 February 2014 as the migration end date for SEPA compliance, adoption is no longer dependent on a valid business case but is now a legislative requirement.
Time is scarce for organizations with Euro ACH and direct debit flows to finalize their SEPA strategy, form an execution plan and migrate to SEPA in advance of the regulatory deadline.
We welcome you to explore and understand key aspects of SEPA, practical implications and read client testimonials. We have also included information on
how Citi can help you to better position your organization and get ready for SEPA.
Please click through the tabs to view more information
Breaking down barriers
SEPA aims to break down national barriers and reduce the overall cost of moving capital within Europe. With the movement from fragmented national Euro ACH transactions to harmonized pan-European schemes for Credit Transfer and Direct Debit, opportunities have been created for organizations to reduce costs and increase efficiencies. SEPA aims to create a single, transparent payment market for domestic and cross-border Euro transactions within the 32 SEPA countries, by removing distinctions between 'national' and 'cross-border' Euro payment transactions.
Citi has long been a strong supporter of SEPA as it has the ability to deliver real financial and process value to clients. As one of the first banks to sign up to the SEPA Credit Transfer scheme, Citi went live on the first day of the market launch and followed this with strong commitment to the SEPA Direct Debit scheme, being the first bank to send a direct debit transactions via the new schemes. To put our expertise to work for you today, please contact your Citi representative.
|SEPA: The Market is Moving||Citi SEPA Solutions: Unlocking opportunities|
|Global Regulatory Update: Corporates Edition||SEPA Guidance
Co-authored by Ruth Wandhöfer
Chair of the Payments Regulatory Expert Group
Global Head of Regulatory & Market Strategy, Citi Transaction Services
|Global Regulatory Bulletin: SEPA Niche Schemes|
SEPA Migration Check List
"Clients will need to focus on key practical priorities such as IBAN/BIC readiness and the establishment of mandate migration processes or new mandate issuance under the SEPA direct debit scheme. In relation to ISO 20022 XML, which is the new standard that SEPA transactions are based on, corporates can seek their banking partner support to ensure SEPA readiness or alternatively look to implement XML in their own systems."
--Ruth Wandhöfer, Chair of the Payments Regulatory Expert Group, Global Head of Regulatory & Market Strategy, Citi Transaction Services