We’ve made some changes to Sage One to help our customers work with SEPA.
So what is SEPA I hear you ask?
SEPA is short for Single Euro Payments Area and is an EU initiative to bring consistency to bank payments and transfers across its member states.
As of 1st February 2014, all Direct Debit and Credit Transfers occurring within the Euro Zone must be SEPA-compliant.
So how does this affect me?
The UK isn’t affected domestically by SEPA until 2016. However, if you make payments via Direct Debit or Credit Transfer to recipients in a country that uses Euro as the primary currency, as of 1st Feb 2014 you’ll need to begin using SEPA-related bank details to do so.
Two key pieces of information for SEPA are the BIC and IBAN:
- BIC – Bank Identifier Code effectively replaces the traditional Sort Code
- IBAN – International Bank Account Number takes the place of the traditional Bank Account Number
So we’ve added BIC and IBAN fields to the detailed view for each Bank Account so you can now store these details for each account.
(If your business is based in Ireland, read our blog here to see how you are affected by the new SEPA legislation).
Find out more
You can find out more about SEPA from our Help Centre article entitled Single Euro Payment Area (SEPA). For more information about how to create or amend your bank accounts, please see our Add, edit or delete bank accounts article.
If you have any questions about this change please don’t hesitate to contact our Customer Service team. We’re here 24/7 so you can call us on 0845 111 66 11 or email email@example.com, whenever is best for you.