October 16, 2013
Deutsche Bank launches On-Behalf-Of Programme
October 08, 2013
The Treasurer: Secret Weapons – POBO and COBO, by Michael Turner
April 03, 2013
TMI: Planning for SEPA Migration, with Dieter Stynen
April 02, 2013
TMI: Sunshine through the Clouds, quoting Andrew P. Reid
SEPA stands for Single Euro Payments Area and is a regulatory driven initiative by the European Banking sector (via the European Payments Council (EPC), which administers the SEPA schemes) to harmonise euro payments in Europe.¹ The objective is to transform the euro payments landscape into a borderless area.
Cashless payments such as credit transfers and direct debits in euros made between and among European countries should become as simple, quick and cost-effective as domestic payments.
For credit transfers, SEPA was implemented in January 2008. Whereas national payment schemes differed considerably before, with the SEPA Credit Transfer, a harmonised instrument is now in use, allowing companies and consumers to make euro credit transfers across Europe under the same terms and conditions. A similar process for simplification was implemented for direct debit payments in November 2009. The SEPA direct debit is truly new, as a cross-border direct debit instrument has not existed in the past.
In December 2011, European law makers agreed on a mandatory SEPA migration end date of February 1 2014. Under this directive, SEPA is no longer a voluntary initiative, but a regulatory requirement. Corporate migration to the new instruments is therefore necessary.
1 For detailed information on the migration date, please refer to Link
2 Euro-Clearing – with a market share of 20,6 % significantly ahead of the competition. Source: German Bundesbank (11/2012), based on TARGET2 clearing volumes.
Changes to General Business Conditions owing to SEPA Regulation for Clients of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Bank AG
Version amended as at February 1, 2014
Changes to Terms and Conditions for Direct Debit Collection owing to SEPA Regulation for Clients of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Bank AG
Version amended as at February 1, 2014
On 1 February 2014, the Single Euro Payments Area migration takes effect.¹ Therefore companies are advised to prepare for their SEPA migration right away. As a leading SEPA bank, we can make sure you are compliant and ready to make the most of a new era.
Being fully informed of the strategic importance of the initiative, its mandatory and optional features, processes and infrastructures are all prerequisites in the migration process. Equipped with the proper tools and information, corporates will successfully overcome the challenges of migration and fully realise the potential these new SEPA instruments will bring.
Deutsche Bank has been a prominent player in promoting corporate interests across the banking sector in the run up to SEPA. As such, we are extremely experienced in processing both SEPA Credit Transfers (SCTs) and SEPA Direct Debits (SDDs). We were the first bank to announce domestic pricing for all bulk cross-border transactions within the SEPA area, and have invested heavily into a brand-new, state-of-the-art SEPA processing engine.
As the leading euro clearer² and award-winning cash management service provider to corporates and financial institutions globally, you can count on Deutsche Bank’s experience in and commitment to the payments business to support you through the preparation phase and enable a smooth transition to SEPA.
Reducing costs and minimising risks in transaction processing are issues of growing importance for companies. Therefore, the trend towards standardisation, automation and centralisation continues unabated. An integrated payments landscape in Europe will help achieve these objectives in a number of ways.
The benefits from SEPA will vary between companies, and also depend on a number of other factors, such as the company’s structure. However, general benefits can include :
Having highlighted these benefits, SEPA migration no longer remains a voluntary option, but has become a regulatory project. Consequently, corporates need to begin their preparations immediately to ensure timely migration in the course of 2013.
1 For detailed information on the migration date, please refer to http://www.europeanpaymentscouncil.eu/news_detail.cfm?news_id=315
Should you have any questions or require additional information, please contact your Cash Management Product Specialist or Relationship Manager. Alternatively, please send an email to email@example.com