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.

How does SEPA support reconciliation?

  • For reconciliation of SEPA transactions the following data points shall be available for your reconciliation processes and reported back to you in a non-truncated manner.
  • Initiated SEPA transactions – For SEPA Credit Transfer payments and SEPA Direct Debit collections, there will be differences in reference points available depending on whether you have requested these transactions to be booked as bulk or itemized entries.
  • Where transactions are reported as a bulk entry on the statement, a batch reference can be shown and used to support reconciliation, providing the initiating party with an associated reference for a batch.
  • Itemized initiated transactions contain a field for a unique End to End ID reference which is assigned at a transaction level. Additionally there are data points such as transaction code, creditor ID or unique mandate reference which can be also reported on an itemized basis.
  • Uninitiated SEPA transactions – For incoming SEPA Credit Transfers and SEPA Direct Debit payments, the data points counterparty name, counterparty bank and transaction amount are available from your counterparty via clearing.
  • In addition with SEPA, further information - such as the unique mandate reference - can be displayed for SEPA Direct Debit payments, while for incoming SEPA Credit Transfers payment details can contain up to 140 characters of remittance information allowing for richer payment information to be supplied by your payers.
  • As with other electronic cash transactions, SEPA is to a degree reliant on the information being made available from the counterparty and the counterparty bank.

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.

Upcoming Events

  • SEPA Webinar – "SEPA: Meeting the Deadline and Looking Ahead to the New Era"
    Wednesday 25th September, 3.00- 4.00 pm BST

  • EuroFinance Barcelona – Citi’s SEPA Breakfast Session with PwC
    Thursday 17th October, 8.00- 9.00 am CET

Join our EuroFinance Breakfast session to hear more about how you can meet the deadline and leverage SEPA to unlock opportunities for your organisation.

Regards,
Treasury and Trade Solutions

© 2013 Citigroup Inc. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.
 

If you do not wish to receive this email please click here.