SEPA will become a reality from February 2014

SEPA is the abbreviation for Single Euro Payments Area and aims to establish a uniform euro payment area. Although SEPA transfers already since 2008 It is possible, so it will be done Complete switch on SEPA transfers and SEPA direct debits as of February 1st, 2014. With SEPA, an infrastructure for mass payment transactions is created for all Euro payments, which are increasingly taking place completely electronically. Unification Companies, customers, and the financial sector can all benefit.

In addition to the introduction of the euro banknote, SEPA will also lead to a fragmented cashless payment transactions in Europe unified, By treating all payments as domestic payments, a uniform internal market in cashless payments is created. However, SEPA does not only affect the Euro countries, but also the rest of the world. entire EU As well as Liechtenstein, Norway, Iceland, Monaco and Switzerland. Countries outside the Eurozone can adopt SEPA standards for their Euro payments and thus also benefit from the advantages. Gradually – as well as with February 1, 2014 – this will also be the Different standards side by side for national and international payment procedures terminated. This means that in Austria, by 1.2.2014 at the latest, all national direct debit and credit transfer procedures will be replaced by the SEPA procedure. Transfers from Austria Within the EU, the following applies: cross-border transfers and checks same prices as for the appropriate ones Domestic transactions. It is of course necessary that the IBAN and BIC as well as the transfer amount are indicated in euros and that the Bank fees between the sender and the receiver shared become.

The essential Advantages According to SEPA, this means that cashless Euro payments from in a single account can be carried out within Europe using uniform payment instruments and thus Simple, efficient and safe As is the case with national payments today, since only one account is required within the SEPA participating countries, this can also be done here. Cost savings Come.

Account number with 20 digits

The probably The most significant change For entrepreneurs as well as private individuals, the use of IBAN (International Bank Account Number) and at least temporarily from Ballpoint pen (Business Identifier Code) for transfers within Austria. As of February 1, 2014, for domestic transactions no BIC anymore It is stated that, with effect from February 1, 2016, this identification number will also be abolished for cross-border payments. Austrian IBAN consists of 20 jobs, With the two-digit ISO country code (AT for Austria) 2 checksum digits are set up and then the 5-digit bank code and the 11-digit account number follow. With the help of the two Test numbers shall Incorrect transfers almost impossible to be ruled out. If one Transfer in paper form If this is done, it will in the future be exclusively a Payment instruction, which obsoletes the former distinction between payment order, payment receipt, transfer and EU standard transfer.

Various SEPA products

The SEPA-standardized Products can be placed in the categories Transfer, Checks and Cards to be divided up. Within the group Checks is again to be distinguished whether it is a relationship between companies and consumers (SEPA Direct Debit Core) whether it is a direct debit procedure between companies (SEPA Direct Debit Business-to-Business). It is important that private individuals have already received Power of attorney for collection continue to be their Keep validity. No automatic transition consists in the direct debit procedure exclusively used between companies. Significant Difference The difference between the two direct debit procedures is that in the direct debit procedure between companies No refund The amount is possible due to a complaint. Exception However, it does exist if a challenge is made against the validity of the basic business.

The SEPA transfer In addition to standardization, it also offers the advantage that Maximum running time only for transfers 1 banking day can be made. If the transfer is made by check – as is still widely practiced in Austria – it must be accompanied by a receipt. Paper form performed, then the maximum running time 2 banking days not to exceed. The transfer of the transfer amount to the beneficiary's bank must be made without deductions. In the area of SEPA card payments general principles and regulations for card payments and cash withdrawals will be established to ensure that bank cards can be used in other SEPA countries just as they can in Austria (this includes regular updates). Cash withdrawals at the ATM as well as card payments at the ATM counter).

Switching to SEPA offers administrative opportunities

For companies, the transition to SEPA is associated with costs, although in the long term the benefits can often outweigh them. For example, by using the SEPA direct debit procedures between companies in the group Saving potential Furthermore, the SEPA transition can be used to optimize technical and organizational processes and to clean up existing data sets. Cost side When switching, companies regularly need to provide IBAN and BIC on their invoices and business documents, obtain IBAN and BIC from their business partners, and enter the corresponding data in their accounting and ERP systems.

Image: © Kurt Kleemann - Fotolia