Single EURO Payments Area (SEPA)
The Single Euro Payments Area (SEPA) unifies payment methods in participating European countries, making international payments as easy to process as domestic payments. 300 million European citizens and companies are able to make and receive payments in euros, whether within or across national borders, with the same basic conditions, rights, and obligations, regardless of location.
Business Central supports the Dutch requirements for submitting SEPA payments, credit transfers, and direct debit.
Before you can submit vendor payments electronically in SEPA ISO2022 format, you must activate SEPA in the following pages:
- Bank Accounts
- Export Protocols
- Transaction Modes
Additionally you will need to verify that vendor payment transaction modes and vendor bank accounts are set up to use SEPA for each vendor.
Vendor payments made using SEPA ISO 20022 must comply with the following rules.
- Make all payments in euros.
- Make payments within the European Economic Area (EEA).
- Use the vendor bank’s International Bank Account Number (IBAN) and Bank Identifier Code (BIC) information.
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