SEPA credit transfer in FinlandSEPA credit transfer in Finland

The introduction of SEPA will mean the use of SEPA credit transfers based on IBANs and the XML ISO 20022 standard in domestic payments in Finland. In order to transfer XML ISO 20022 data to Danske Bank Helsinki Branch with a bank connection programme, customers will be need to be provided with a WebServices channel and PKI security protocol. Read more about what these and other SEPA related changes will mean for your company.


Do you invoice your customers?

  • As of 1 July 2010, IBANs and BICs have been mandatory alongside domestic account numbers on invoices and credit transfer forms in Finland. Ask Danske Bank for your IBAN and BIC.
  • As of December 2010 it will be possible to change your bank barcode to the IBAN format.



Do you pay your invoices individually using online banking?

  • You can use either the domestic account number or the IBAN until 31 October 2011, after which only the IBAN will be accepted.


Do you have purchases ledger or payroll computation software, for example, and do you send the payment data to your bank using bank connection software or online banking?

  • It will be necessary to start using XML ISO 20022 payment data instead of domestic payment data (LM02, LM03, TS and LUM2). Therefore you will need a SEPA update for your financial management software, or, alternatively, a payment data conversion service, for instance from your bank connection programme provider. Find out more from Danske Bank and your software provider.
  • The transitional period will end on 31 December 2010, after which banks will still be able to offer the outgoing services as special services until 31 October 2011. After this, banks operating in Finland will no longer accept payments using the domestic payment data format.
  • Currently you can send SEPA compliant payment data (ISO 20022 XML) to Danske Bank via Business Online. From Q1 2011 (estimate) it will also possible to send data via a bank connection programme with WebServices connection.


How can account numbers contained in systems be converted to the IBAN format?

  • Your bank contact details and the bank contact details of your partners, trade partners and personnel must be converted to the IBAN format. This may affect your purchases ledger, sales ledger, payroll computation software, cash register system and travel expense report software.
  • It is worth asking Danske Bank and your software provider to assess the various options for carrying out this conversion.


 What will happen to account statements?

  • The existing electronic account statement will still be available when you start sending C2B XML payment data. An account statement in XML format is being developed and will be introduced later as an alternative to the present account statement.


Who should I contact?

  • Danske Bank in order to agree on introducing and testing new XML payment data. Danske Bank will also provide tips and concrete tools for implementing the SEPA changes.
  • Your bank connection software provider in order to transfer to a SEPA version of the software.
  • Payment data software providers regarding transfer to SEPA versions of the software.
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