Only three months since the deadline for SEPA migration, new versions of the SEPA rulebooks and implementation guidelines were introduced recently. Sentenial, the paneuropean payment expert, explains the main changes.
The updated versions of SEPA Credit Transfer and SEPA Direct Debit introduce new rules which may well have a significant impact on current payment and collection processes. Furthermore the rulebooks provide advanced notification of fundamental changes to the timing of all Direct Debits and their Sequence tags, to be introduced in next year’s rulebook.
As the European Payment Council confirmed in its latest newsletter, the Single Euro Payment Area remains a work in progress which is designed to evolve and adapt to market demands. This emphasizes the benefits for businesses of selecting a specialist provider, like Sentenial, who ensures that the latest standards and regulations are applied and integrated into their platform.
“We are actually receiving second wave demand from businesses who now understand the cost and effort required to maintain compliance with the evolving SEPA standards. Some others realize the indirect overhead associated with using non-specialized software, often implemented tactically in the rush before the End-Date, for high volume payments which need optimised professional software to run smoothly” confirms Brian Hanrahan, Chief Commercial Officer, Sentenial.
“As the leading provider of SaaS SEPA solutions, Sentenial continuously implements the latest evolutions of the rulebooks for compliance reasons but also works to enable our users to unlock the benefits of SEPA, an initiative often referred to as SEPA 2.0”, confirmed Brian Hanrahan. Example projects in this area include Collection Factories and the delivery of e-Mandate solutions to pan-European Corporates, providing them with a cost-effective and fully dematerialized payment method for Internet and mobile collections based on SEPA Direct Debit.
Sentenial continues to build upon the strong base it established during the SEPA adoption phase to become the leading pan-European supplier striving towards its goal of Simply Better Payments.