From February 2014, the SEPA payment formats are mandatory for the 27 member countries of the European Union as well as Island, Liechtenstein, Monaco, Norway, and Switzerland. These changes are a real challenge for a large number of companies. This does not only concern data management, but also adjustments of internal processes and software functionality.
Do not wait too long preparing your company to be ready for SEPA.
The good news is
SAP Business ByDesign and SAP Cloud for Financials are SEPA ready.
SAP Business ByDesign and SAP Cloud for Financials support the change to SEPA by:
- SEPA Mandate Management
- Administration of IBAN and BIC/SWIFT Code
- Usage of the new ISO20022 file formats for SEPA
- Support of the changed payment processes