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 a Creditor ID (CSID) and how can I obtain this information?

  • A CSID is a unique reference that identifies a collector in the SEPA Direct Debit (SDD) schemes. It is determined on a legal entity basis, however a business can have multiple CSIDs.
  • A valid CSID from any SEPA country can be used to collect from and into any of the SEPA countries.
  • The CSID must be quoted on each SEPA Direct Debit mandate and must also be included in the SDD transaction initiated/sent to the collecting bank
  • Each country has different rules on how the CSID can be generated – Citi has included country level CSID information in our Citi Direct Debit Country Guide and Citi can assist you to generate a CSID during the implementation process.
  • Some countries enable auto generation of the CSID, but others require a formal application and documentation process, similar to that in place for local Direct Debit schemes. It is important to factor this in project timelines

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 – EuroFinance Barcelona – SEPA Breakfast Session

Thursday 17 October, 8.00- 9.00am 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.