With implementation of SEPA in banks- users of BIS FORPOST, they have an opportunity to fully integrate into the European Union payment system.
Upon the change of the national currency into Euro, it will be not necessary to quickly modify local payment systems, because the stipulated settlements will be performed in the SEPA format.
The created SEPA payment servicing tools allow the banks customers to easier make payments in Euros. The fees of the SEPA payments may be smaller than those of standard SWIFT payments.
After having implemented the SEPA project in the FORPOST system, there were created the following means of processing messages pacs.008, pacs.004, pacs.002 as well as payment information display in BIS FORPOST and FORPOST *Internet Banking (IB) environments according to the Euro Banking Association Clearing RB (payment system) 4.0 requirements:
â¢ Software and hardware means for performing SEPA payments and for accepting the received SEPA payments;
â¢ SEPA payment order entering form for BIS FORPOST and FORPOST*IB environments;
â¢ Prints of ordinary and expanded format for SEPA paymentsâ orders;
â¢ Software means for loading of the list of banks and SEPA participants;
â¢ Printable and electronic statements adjusted for display of SEPA payment information.
SEPA payments are based on ISO 20022 standards, thus, this implementation gives opportunities to fully use the payments of the ISO standard.