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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.

Ongoing gathering of bank account details

Previously in our migration checklist series, we addressed conversion of existing account records to IBAN & BIC - please see here for more information. Organisations also need to consider the collection of these details on an ongoing basis.

For vendors: Procurement, accounts payable or other vendor facing teams may need to update their documentation, such as order forms, to request this information going forward.

For employees: You may need to update employee on-boarding forms and HR systems to request and cater for this information. Ensure that HR is engaged in your SEPA project.

As a general rule, any system that today holds bank account information may need to be updated to hold IBAN and BIC. IBAN structures vary in length and construct; this should also be considered.

Informing your customers

While most organisations are focused on ensuring their own SEPA migration is underway, it can be advisable to discuss SEPA with your customers to help ensure they will be SEPA ready and have the information they need to pay you post Feb 2014.

SEPA Awareness – An emerging best practice is seeing large organisations highlight the upcoming SEPA end date to customers; providing advice on the 1 Feb 2014 requirements and recommendations to engage banking partners.

IBAN & BIC – it is important to ensure your relevant commercial documents include your IBAN and BIC account details. You may need to consider updating invoices, contracts, and websites.

SEPA Credit Transfers cater for 140 characters of payment remittance information, which cannot be truncated by banks or clearing. When communicating with customers, some organisations are taking the opportunity to request additional payment information. This increase in incoming information can help support higher levels of automated reconciliation.

SEPA has the ability to deliver real value to your organization. Citi is committed to delivering solutions that enable you to capitalize 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

Regards,

Treasury and Trade Solutions.


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