The Single Euro Payments Area (SEPA) is a European Union (EU) payment initiative designed to make European payments as easy, efficient and cost effective as domestic ones.
SEPA Direct Debit is now implemented in all Eurozone countries, which means all Euro-denominated payments must be collected under the SEPA payment scheme.
You won’t be affected if you collect in sterling, however if you collect Euro denominated Direct Debit payments, you will need to use SEPA Direct Debit.
SEPA Direct Debit works in a similar way to UK Direct Debit, so once the customer has approved the instruction, the merchant initiates the payment.
If you collect Euro denominated Direct Debit payments, we can support your migration to SEPA Direct Debit.
We can help you validate and reformat your payment details into SEPA compliant formats using the worlds’ most comprehensive SEPA validation and IBAN conversion solutions.
This will convert all your existing domestic bank account formats to the required IBAN and BIC and will improve your data accuracy, to ensure your payment data is completely cleansed.
Get in touch today and find out how we can help.