Like many corporates, you’re going live with a / many SEPA Credit Transfer interfaces in the coming weeks or indeed months. Most of the hard work should have been done by now, and you want to double check and validate you’re ready. Following is a list of 5 SEPA Go Live checks you cannot afford to miss:
SEPA Go Live Check 1. Check your Supplier BIC / IBAN information:
Have you converted all of your legacy bank details into BIC / IBAN? And uploaded the converted BIC/ IBAN details into your source system? Ensure somebody from the business has checked that the uploaded accounts are correct
Check that your BIC’s are SEPA reachable via the EBA website listing SCT Reachable BIC’s
Cross reference via excel that your database BIC’s are on the above spreadsheet
SEPA Go Live Check 2. Validate your SEPA XML (PAIN.001)
Can your source system produce a SEPA XML file (PAIN.001), and if so, have you sent a sample file to your bank? Has the bank confirmed that you’re SEPA payment file can be straight through processed?
As simple as it sounds, have you created a file with more than 1 transaction, and verified that its also OK?
Just because you have gone live in country A with bank B, it does not guarantee that your file will work with bank B in country B. Check your file in every country and with all the banks you’re working with, within a country
SEPA Go Live Check 3. Check your File transmission to the bank
Ok, so you have a good SEPA Credit Transfer file – you need to be able to send it to the bank.
You cannot assume that the same ‘legacy’ process will handle a SEPA XML file. Check that your end users know which options to select when they’re uploading a SEPA Credit Transfer file into an internet banking portal.
Perhaps the option to upload SEPA Credit Transfers is not available yet, so you’ll need to contact your system administrators to complete the necessary access.
SEPA Go Live Check 4. Tell the bank your go live date….
Every SEPA department within a bank is busy at the moment! If you dont tell them you’re going live, they may not be able to support you during your go live. Have your bank on standby in case you need their help
SEPA Go Live Check 5. My SEPA credit transfer file uploaded successfully, we’re done….
Not quite! Check with the bank if your file is valid and accepted. Ask if it has been stopped by the banks back office systems.
Next check when your account was debited, it maybe earlier / later than previously – this will impact the funding of the account
After the value date, check if your account was debited as instructed. Ensure somebody is monitoring for returned payments at least 2 days after the file submission.
Thats my list of top SEPA Go Live checks to complete as your prepare for your go live. Let me know your top checks…. & Good Luck!