SEPA Migration Checklist

Dear client,

Single Euro Payments Area (SEPA) standards become mandatory across 17 Euro member states on 1 February 2014. If your organisation initiates Euro ACH payment or direct debits, action needs to be taken to ensure compliance. This email series is intended to provide you with relevant information and practical guidance.

What is the current market adoption of SEPA? What is the readiness by Country?

There are now 3 months until the SEPA migration deadline of 1 Feb 2014 and intensive efforts are ongoing across the market to ensure payment and collection flows are SEPA compliant by this milestone date.

  • Overall SEPA Credit Transfer and SEPA Direct Debits adoption rates in September are 56% and 6.8% respectively.
  • SEPA Credit Transfer adoption is increasing steadily, being driven by the transition of domestic public sector (e.g. pension and welfare) and corporate traffic move to SCT.
  • SEPA Direct Debit adoption remains low but with encouraging signs. Migration of 'big billers', accounting for large collection flows, are underway in a number of markets.
  • The predominant reasons for 'R' messages in the SEPA Credit Transfer scheme continue to be incorrect IBAN or BIC details.
  • For SEPA Direct Debits, "Insufficient funds" is still a frequent reason for R messages.
  • Click here to view the Citi SEPA Heat Map which provides an update on adoption, country readiness and R message usage.

SEPA has the ability to deliver real value to your organisation. Citi is committed to delivering solutions that enable you to capitalise on the benefits that SEPA offers.

To put our expertise to work for you today, please contact your Citi representative or visit our SEPA website at www.transactionservices.citi.com/SEPA where you can also find previous SEPA topics covered in this series.

Regards,
Treasury and Trade Solutions

Treasury and Trade Solutions

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