SEPA Migration Checklist
Single Euro Payments Area (SEPA) standards become mandatory across 17 Euro member states on 1 February 2014. If your organization 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.
Where can you find guidance and country information for your migration to SEPA Direct Debit?
SEPA Direct Debit Guidance
- SEPA Direct Debit brings standardization to Euro direct debit collections, including mandate processes, across 17 Euro countries.
- Organizations need to consider a range of factors when determining the required actions for a successful migration from legacy euro direct debit to SEPA Direct Debit.
- Such considerations include validity of existing mandates, structuring new mandates, obtaining a Creditor ID, unique mandate reference numbers, country niche schemes, notification to debtors, and account blocking practices.
- Several countries have issued guidelines in order to help their markets migrate to SEPA Direct Debit and limit transaction rejections.
Citi SEPA Direct Debit Country Guide
- Citi has put together a document to provide guidance to our creditor (collecting) clients on the above key SEPA Direct Debit aspects and migration considerations.
- The Citi SEPA Direct Debit Country Guide provides you with general SEPA Direct Debit guidance, a comparison of existing direct debit and SEPA Direct Debit schemes in addition to country specific information, guidelines and frequently asked questions.
- This guide can be accessed here: Citi Direct Debit Country Guide
- Citi understands the complexity of migrating to SEPA Direct Debits. Citi is committed to providing you with practical guidance and local information to help your organization migrate smoothly to SEPA. Citi will continue to update this guide as further country information emerges and keep you informed..
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
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