Payment Reason Codes, R-Transactions, R-Messages 16

Most corporates focus on getting their payments to the banks in a controlled, secure and efficient manner. Once at the bank, corporates want to ensure that their payments STP – Straight Through Process. The objective is firmly on the connectivity from the corporate to the bank, and then ensuring that the payments data and format ...

Valid XML Characters for your SEPA Payments 3

Understanding the list of valid xml characters for your SEPA Credit Transfer (PAIN.001) and SEPA Direct Debit (PAIN.008) formats is really important. I know that is stating the obvious, but often invalid xml characters or illegal xml characters are entered into the payments format and can cause either the single payment to be rejected or ...

SEPA Go Live – 4 Things You Need To Do TODAY! 2

With just under 3 weeks to go until the 1st August SEPA Go Live deadline, and keeping in mind the ECB SEPA Statistics for May 2014, there is no doubt that the 6 month deadline extension was absolutely essential. But collectively we’re not quite there, 100% SEPA compliant, yet. I’m guessing that any outstanding SEPA ...

Official – SEPA Deadline Extended to 1st August 8

As we all know, on 9th January 2014 the European Commission proposed that the SEPA deadline should be extended from 1st February to 1st August, 2014. This 6 month SEPA deadline delay or ‘transition period’ was later approved by the European Parliament on 4th February, 2014. The amendment to Regulation 260/210 was formally adopted by the Council of the European ...

SEPA Deadline by Country – A Must Read 9

The 6 month SEPA deadline delay does not necessarily mean that you now have until 1st August, 2014 to ensure SEPA compliance within your organisation. The SEPA deadline transition, from 1st February to 1st August 2014, has brought about a lot of confusion between concerned parties. The confusion lies in the recent SEPA deadline amendment to Regulation (EU) 260/2012 ...

European Parliament Support the SEPA Deadline Delay 4

Following on from the European Commission proposal last month to delay the SEPA deadline, today a European Parliament vote supported the six month SEPA deadline delay to 1st August, 2014. The European Parliament vote is likely to be formally adopted into law by the European Council in the next few days. The official European Parliament ...

SEPA XML in a Nutshell 19

The intention of this post is to give you an understanding of what XML is, how it relates to SEPA and items to take note of. It will not give you the A-Z of XML, consult your technical resources for that and the EPC website. Lets start with the basics, what is XML? eXtensible Markup ...

SEPA Deadline Delayed – 1st August, 2014 6

Just as we were rolling up our sleeves up, one eye on the 1st February SEPA deadline, the other on multiple SEPA implementations, coupled with a nervousness about overall readiness – the European Commission announces an extension to the SEPA migration deadline to 1st August, 2014. While the EC “stresses that the SEPA migration end date of 1 February ...

What Is In Scope for 1st February, 2014… 3

Right, we’re in the home straight and we need to ensure we’re working on the right things. There is a lot of confusion about what is in scope for 1st February, 2014 and what is waived and/or niche. In this post, I will highlight those processes that will be obsolete post 1st February, 2014. Unless your bank ...

SEPA Deadline – 2 Months and Ticking….. 2

We have just over 2 months to go until the SEPA deadline. You need to take stock of where you’re at with you’re SEPA implementation. Your probably already sending monthly updates to your key stakeholders, with details of successes, failures, risks up to this point. Thats all great. The following approach should take you about ...