What should a company take into
account when transferring to SEPA?
What should a company take into  account when transferring to SEPA?

 

The transition to SEPA will mean that domestic account numbers will be converted to the IBAN/BIC format 

  • Since 1 July 2010, the IBAN and BIC have been mandatory on Finnish invoices alongside the domestic account numbers. Companies with a barcode on their invoices should also update the content of the barcode. This will be possible as of December 2010.
  • Domestic account numbers in a company’s systems should be converted to the IBAN and BIC format. Various IBAN conversion services can be used to help with this.

Financial management software

  • Companies who send payment data to a bank must ensure that by the end of 2010 they are using versions of their financial management software (accounts ledger, payroll computation and travel expense report software) that are compatible with SEPA and use ISO 20022 XML payment data. If this is not the case, then an alternative is to obtain a data conversion service, for example from a bank connection programme provider.

How to connect to the bank

  • Danske Bank is ready to receive ISO XML 20022 payment files from customers who are using Business Online. It is important that companies using Business Online for data transfers will acquire SEPA-compatible versions of all their financial management software that create payment data. If a company pays its invoices individually in Business Online, it will not need to worry about any changes to the data.
  •  For customers using a bank connection programme, Danske Bank Helsinki Branch will offer the possibility to use the new WebServices channel as of Q1 2011 (estimate) for sending ISO XML 20022 files. We will not support the current PATU-security solution for sending XML payment files.
  • It is important that companies using bank connection programme upgrade their programme to a SEPA version. In addition, the company should acquire a data conversion service if it is not going to get the SEPA compatible versions of their financial management software (accounts ledger, payroll computation and travel expense report software).

Payment terminals

  • Companies accepting card payments must ensure that their payment terminals for chip cards have been updated to accept international debit cards. Further information on payment terminals for chip cards is provided by payment terminal and cash register system providers.
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