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 2 hours, and will summarise where you’re at, and what you need to do next.

1. SEPA Deadline – Review your list of processes that need to be converted to SEPA:

You should by now have a list of all processes (payments, collections, payroll) that need to be converted to SEPA. This list should include every process by country, and each bank within a country. If there are multiple source systems within a country, these need to be captured too.

2. SEPA Deadline – List all processes that are already SEPA Compliant:

We know there is a lot to do still. But lets feel good about about ourselves, and write down what has already gone live. List all of the processes that are SEPA compliant, and that you know are running / working successfully.

3. SEPA Deadline – List all processes that are not SEPA Compliant:

As it says on the tin!

4. SEPA Deadline – Divide and Conquer:

Split the above list into 2; those processes that will go live in December 2013, and the remaining that will go live in January 2014. Ensure you understand any risks associated with the remaining processes, and address them with key groups (internal stakeholders, banks, service providers) right away.

5. SEPA Deadline – Create a 1 page summary of the above

Something along the lines of:

 Process / Function  SEPA Compliant  December 2013  January 2014
 Payroll  Country A  Country C  Country B
 Collections  Country C (ERP1)  Country A (ERP2)
 Payments  ERP1, ERP2,  ERP3  ERP4, ERP5  ERP7, ERP8, ERP9

The above is a quick and easy way to help identify the current status, and it will focus your project on the remaining deliverables.

Good luck..!

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2 thoughts on “SEPA Deadline – 2 Months and Ticking…..

  1. Reply Sarah Jones Dec 3,2013 10:21 am

    Thanks for such an interesting content. Since I am a part of financial services provider of UK would surely share this particular write up with all my friends and colleague who are still not SEPA ready

  2. Pingback: 2015 - Let's Do This! - SEPA for Corporates

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