Uniformly Easy
With the introduction of SEPA or S€PA (Single Euro Payments Areaon 01 February 2014, the European payments area was unified.
Setting uniform standards and payment instruments shortens transaction times, increases transparency and reduces risks. Your company can also benefit from the increased efficiency in connection with the implementaion of SEPA savings.
Setting uniform standards and payment instruments shortens transaction times, increases transparency and reduces risks. Your company can also benefit from the increased efficiency in connection with the implementaion of SEPA savings.
More about SEPA
Benefits of SEPA
- Use of SEPA credit transfers and SEPA direct debits for both domestic as well as cross-border payments in Euro. Payments between the participating countries is thus facilitated.
- No time delay (Float) for direct debits
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The maximum time delay (float) for a paperless money transfer is one bank business day.
- Automatic conversion of standing orders.
- Uniform payment methods facilitate financial accounting for companies that operate across borders.
- The development of common standards, processes, file formats and software solutions will be encouraged.
- The definition of the XML file format reduces the data loss that can occur during conversion
Important appointments
SEPA
IBAN, BIC
Within the SEPA IBAN (International Bank Account Number)) and BIC ar (Business Identifier Code) used. With IBAN and BIC payee are identified throughout Europe.
The IBAN for Germany consists of country code (eg. DE for Germany), a check digit, your previous bank routing number and bank account number. A table of all SEPA member countries are listed in the table. These are the 27 EU states plus Great Britain, Norway, Liechtenstein, Iceland, Switzerland, Monaco and San Marino, Andorra and Vatican.
An example of an IBAN pattern as a customer of KEB Hana Bank (D) AG:
The IBAN for Germany consists of country code (eg. DE for Germany), a check digit, your previous bank routing number and bank account number. A table of all SEPA member countries are listed in the table. These are the 27 EU states plus Great Britain, Norway, Liechtenstein, Iceland, Switzerland, Monaco and San Marino, Andorra and Vatican.
An example of an IBAN pattern as a customer of KEB Hana Bank (D) AG:
BIC of the recipient bank
SEPA Credit Transfer
SEPA Direct Debit
SEPA Core Direct Debit <> SEPA B2B Direct Debit
SEPA Direct Debit Mandate
Creditor ID and Mandate Reference
