SEPA Migration Checklist

 

 

Dear client, 

 

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. 

 

I pay my vendors by direct debit, what do I need to do for SEPA?

 

Under SEPA, changes to mandates are driven by the collecting entity - in this case, your vendor - who should initiate any needed changes. You should seek to understand 1) under which SEPA Direct Debit scheme your vendor is planning to collect funds from you, 2) whether you need to lodge a mandate with your bank and 3) if there are changes with the bank where you hold your accounts.

 

1) Be aware of the direct debit scheme your vendor is collecting under

2) You may need to lodge a mandate with your bank

3) You may need to check with you bank

 

SEPA has the ability to deliver real value to your organization. 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

 

Regards,

  

Citi Transaction Services

 

www.transactionservices.citi.com

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