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The New Deadline: Are You Ready For SEPA?The New Deadline: Are You Ready For SEPA?

The SEPA (Single European Payments Area) deadline has been extended (again) by six months, which was very welcoming news for the many people who had been thinking how best to tackle this issue. August 2014 is the new deadline which was established by European law for Eurozone countries to move to the SEPA credit and debit transfers scheme.

 

For those who are not familiar with it: SEPA is the Single European Payments Area format which is an initiative of the European banking industry that will make all electronic payments across the euro area as easy as payments within the same country. Replacing a range of parochial domestic solutions, SEPA is designed to reduce transactional banking costs when trading with other EU states. This is obviously going to be of great interest to finance and business managers alike.

To benefit from using SEPA, you need to ensure your bank payment systems support it and in addition that business and accounting systems are capable of storing an IBAN (international bank-account identification) and the SWIFT-BIC numbers (which of course Aqilla can).

Although the UK is a non-Euro country, if you are trading with other continental partners, suppliers and customers within the Euro region, you need to be able to support SEPA.

Despite coming right up to the original deadline, there are a surprising number of organisations who have not upgraded their systems and who are not yet prepared. Are you?

Besides talking to your bank services provider, if you are keen to assess your readiness to accommodate SEPA, or if you would like to know how to more effectively handle multi-currency transactions, we’d be happy to explain more.

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