SEPA for business
Across the SEPA zone, payment formats are now standardised making it easier and quicker to send and receive payments and if for businesses making cross border electronic payments, the potential for streamlining and integrating your payment systems and cross border reconciliations.
SEPA payments must be at the same cost as domestic payments which may mean cost savings for businesses that process payments across SEPA.
For businesses the main impacts are:
- The use of BIC and IBAN instead of the current National Sort Code (NSC) and bank account number
- Bulk payment files will be in a new format which is known as ISO 20022 XML
- Direct Debit Mandate management is the responsibility of the originator (Creditor)
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