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:
||Specifications for SEPA proof basic products for business need to be clearly defined and communicated.
||The infrastructure SEPA proof for mass migration to SEPA Credit Transfers (SCT) needs to be ready.
||The infrastructure SEPA proof for mass migration to SEPA Direct Debit (SDD) needs to be ready.
||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.