SEPA Migration Checklist
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?
- Across the market corporates, banks and national SEPA bodies are working to meet the 1st February 2014 SEPA migration deadline.
- SEPA Credit Transfer is steadily increasing month-on-month. As at the end of June, 47% of eligible transactions have now migrated to the SEPA Credit Transfer scheme.
- SEPA Direct Debit adoption is still lagging well behind, however momentum is building. During the period Aug 2012 to May 2013, adoption remained between 2% – 2.7%, however in June we have seen this increase to 3.7%.
- Many of the large national ‘big billers’, who account for sizeable percentages of national direct debits, are planning their migrations to SEPA Direct Debit during Q3 and Q4.
- The predominant reasons for ‘R’ messages in the SEPA Credit Transfer scheme are incorrect IBAN or BIC details.
- For SEPA Direct Debits, ‘Insufficient funds’ is 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.
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.
Treasury and Trade Solutions
© 2013 Citigroup Inc. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.