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Exact is involved in Dutch SEPA migration plan

Written by Alexander Kutilov on . Posted in Exact Globe

In terms of delivering business objectives Exact is focused on the preparation of necessary infrastructure for SEPA migration of its customers around Europe. As this has already been communicated in product update news, release notes and product blog posts during 2010 and 2011, Exact Globe has built a good and firm foundation for SEPA proof ERP solution, including support for IBAN and BIC, SCT and SDD.

Exact now actively participates in the Dutch SEPA Migration Plan. All existing SEPA solutions of Exact Globe are the results of close cooperation of Exact product management and banks.

Rabobank has included Exact in the list of key-stakeholders for realization of business objectives of SEPA migration project for their customers. One of the results of this project for Exact customers will be SEPA proof certification of Exact’s ERP solutions for Rabobank customers.

In order to build and maintain an external network, necessary for obtaining the functional objectives, the regional and corporate product management of Exact participated in communication sessions and in round tables, which were organized by Netherlands Bankers’ Association (NVB) and ICT-office. Many aspects and challenges relative to the realization plan have been discussed between major Dutch banks and different software vendors. 

The SEPA European legal framework requires banks as well as bank clients to use European standards for payments in euro. All companies within the EU are receiving the same requirements:

  • The mandatory use of IBAN, so no longer bank account numbers
  • A new technical standard for payment orders is XML
  • Changed product specifications for bank transfer (national and international payments) and direct debit (collections)

The impact of such changes for all business sectors should not be underestimated. Therefore prompt and due communication and collaboration between various stakeholders like suppliers of payment services (banks), corporate and private users, software suppliers and other supporting parties are required. It all drives parties to make certain agreements about relative issues, such as:

  • Communication on SEPA
  • Planning of the migration
  • Test activities
  • Monitoring migration progress and communication
  • Identifying and contributing to the solution of substantial societal migration issues.

The Dutch banking industry, represented by NVB, together with de Nederlandsche Bank (DNB) have delivered the Dutch SEPA Migration plan  which describes goals and objectives as well as major milestones, how the Netherlands will migrate from national to European payment instruments. Stakeholders of this plan are required to align their plans and activities upon the following milestones:

January 2012 Specifications for SEPA proof basic products for business need to be clearly defined and communicated.
October 2012 The infrastructure SEPA proof for mass migration to SEPA Credit Transfers (SCT) needs to be ready.
January 2013 The infrastructure SEPA proof for mass migration to SEPA Direct Debit (SDD) needs to be ready.
February 2014 The end-date SCT & SDD migration. SDD adapted to consumer protection measures regulation

 Your feedback to this publication, including  concerns and suggestions, will definitely be evaluated towards to enrichment of SEPA solutions in Exact Globe.

You are welcome to stay updated on further developments in the area of cash flow management and electronic banking solutions through our regular postings on the Exact Product Blog.

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Comments (4)

  • Dave van Diepen

    |

    I am glad with this update. 1,5 year ago we asked Exact to create the SEPA function for the Nordea bank in Finland. It is working fine and hopefully it will be a standard functionality soon.

    Reply

  • Mark Malipaard

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    We have a huge Sepa Direct Debit problem in a project as we speak. Can you help us Alexander?

    Our customer is a Dutch insurance company selling to Belgium. Voor Direct Debit they have chosen Exact to create the SDD (Sepa Direct Debit) file. Their bank is KBC Bank Belgium.

    The batch consist about 15000 transactions (!)

    At this time if we use the xml file that Globe creates and this theoretically means we get 15000 transactions in the bank export file. Theoretically because the KBC bank can’t proceed this number of transactions in 1 xml file.

    They claim we have to use the option:
    true instead of false And the part between:

    Should occure at the being of the FRST (first time use of the mandate) followed by the firsttime transactions and then RCUR for the recurring transactions.

    In this way we are told the bank will handle the SDD file as a batch SDD.

    So at this moment we have a huge problem because Exact Globe does not generate the file that KBC can handle.

    Can you help us with this? Are you aware of this missing functionallity?

    Best, Mark

    Reply

  • Alexander Kutilov

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    The standard functionality for SEPA related Nordea bank in Finland is implemented in the Exact Globe Next product update 404.

    Reply

  • Alexander Kutilov

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    Reply to Mark Malipaard:
    We are fully aware of this limitation. The BatchBooking is not yet fully addressed in SDD message, which in generated from Exact Globe Next. We are currently make necessary improvements in our SEPA solution so that will fit best standards and our customers expectations. We will implement transactions within SDD exactly the same way like it was mentioned by KBC.
    The solution in general will include multiple improvements and extensions. This should be ready in lines with the timelines provided by NVB before October 1, 2012. The outcomes of this development as well as more information relative to our plans will be communicated soon.

    Reply

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