If your company has not yet started preparing for SEPA, it is time to take steps. It is a good idea to go through the following bullet points.
Without SEPA adjustments of the company's euro payments, the payments will be processed as ordinary cross-border payments.
Euro payments require a standardised account number (IBAN) and a bank identifier code (BIC).
To think about
Check that IBAN and BIC are included on your invoices.
Evaluate how SEPA will affect your company's payments in relation to transactions, procedures, administration, technology, business systems and day-to-day operations.
Evaluate the opportunities that SEPA offers in terms of reallocating and rationalising your company's payment flows. Will your company be invoicing more in euro?
Discuss SEPA and its effects on your IT environment with your company's business system providers.
Ensure that correct information on IBAN and BIC is registered for your company's suppliers and beneficiaries.
