SEPA - Single Euro Payments Area

Single Euro Payments Area (SEPA)

From summer 2014, bank customers have to get accustomed to their new account numbers – not exactly an easy task with up to 34 characters. The International Bank Account Number (IBAN) now replaces the previous bank code and account number, and provides a unified data format in the Single Euro Payments Area (SEPA). The challenges companies are facing with this changeover should not be underestimated.

Correct registration of the new bank data and the accompanying IT changes need time and money. As well as the personnel effort required, there is also a challenge in obtaining the future bank data. New customer data enters databases in different ways (e.g., from customers in the internet, outside representatives, call centre, external service provider), and the data is often incomplete and/or incorrect. Writing, reading, listening and typing errors can enter data stocks undetected. Even the smallest digit misplacement can lead to financial losses, because returned money transfer orders not only incur increased fees, but also have a negative effect on relationships to customers and suppliers.

In view of the diminishing time available, the personnel effort, and the inherent likelihood of error in the whole changeover process; the plausibility check is an important aid on the path to SEPA readiness.

Our solutions

We give you support during SEPA implementation, with your bank data and address information. Uniserv’s bank.International program helps you to convert your bank data simply and straightforwardly into the SEPA XML format. The account numbers and bank codes are automatically converted to IBAN and BIC.

With Uniserv bank.International you can simply and reliably check customers’ and business partner bank data for plausibility. Avoid penalty fees for failed transactions due to incorrect bank data, as well as customer dissatisfaction and impatient suppliers awaiting delayed payments. Our software identifies false or otherwise incorrect bank data and credit card numbers immediately during input. This means that you can prevent attempted fraud by persons using false registration details or consciously incorrect bank information.

Particularly high organisational effort in customer communication is caused by direct debits. In the future, a written direct debit order must be obtained from all business partners involved. For this purpose, your contact master data – especially the address information – must be up-to-date, fully complete and error-free. The address check and address correction is available for individual record processing both as an on-premises solution, and as software as a service (SaaS). With intelligent implementation solutions, you kill two birds with one stone. Your company is SEPA-ready - and your contact master data is optimised!

Your Advantages

  • Smooth, uninterrupted payment traffic
  • Direct check during input for correct IBAN syntax
  • Conversion of bank data into the correct SEPA format
  • A check to ensure all requirements for generating an IBAN are fulfilled
  • IBAN plausibility by allocating an international bank identity code (BIC), or by matching IBAN and BIC against each other
  • Correct and current contact master data about business partners
  • Guaranteed delivery of company direct debit orders with SEPA
  • Minimum subsequent reprocessing effort

Do you have any questions?

We will be pleased to offer you advice!

Contact us today