To implement SEPA, companies may act at different level.
A minima, they will need to:
- adapt their systems to meet the new standards of order remittances for SEPA Credit Transfers and Direct Debits;
- update their customers’, suppliers’ and employees’ references in their databases to include the new bank identification codes (IBAN and BIC), which will replace the current RIB.
Nota: companies that currently issue direct debits will not need new authorisation agreements to migrate to the SEPA Direct Debit. They must nonetheless inform their customers of the changes in a timely manner. They will moreover have to handle and store the mandates, which is not the case today.
Banks can provide all the information and assistance required regarding all changes ensuing from SEPA.
In order to fully reap the benefits from the SEPA opportunities, companies may choose to launch other works:
- adapt their internal processes and tools to the new bank identification codes and to the new formats;
- rethink their exchanges with “customers” and “suppliers” to benefit from the 140 caracters of the remittance field and from cross-borders direct debits;
- revise their organisation on a European basis to take advantage of the harmonisation in payment instruments;
- …
“The SEPA project impacts all the functions of companies; it is therefore crucial that directors get involved and handle it as a strategic project in the companies,” concludes the MEDEF, which suggests that a “Mr SEPA” be nominated and gives some advice for an adequate choice.