The updated versions of SEPA Credit Transfer and SEPA Direct Debit introduce new rules which may well have a significant impact on current payment and collection processes. Furthermore the rulebooks provide advanced notification of fundamental changes to the timing of all Direct Debits and their Sequence tags, to be introduced in next year’s rulebook.

As the European Payment Council confirmed in its latest newsletter, the Single Euro Payment Area remains a work in progress which is designed to evolve and adapt to market demands. This emphasizes the benefits for businesses of selecting a specialist provider, like Sentenial, who ensures that the latest standards and regulations are applied and integrated into their platform.

“We are actually receiving second wave demand from businesses who now understand the cost and effort required to maintain compliance with the evolving SEPA standards. Some others realize the indirect overhead associated with using non-specialized software, often implemented tactically in the rush before the End-Date, for high volume payments which need optimised professional software to run smoothly” confirms Brian Hanrahan, Chief Commercial Officer, Sentenial.

“As the leading provider of SaaS SEPA solutions, Sentenial continuously implements the latest evolutions of the rulebooks for compliance reasons but also works to enable our users to unlock the benefits of SEPA, an initiative often referred to as SEPA 2.0”, confirmed Brian Hanrahan. Example projects in this area include Collection Factories and the delivery of e-Mandate solutions to pan-European Corporates, providing them with a cost-effective and fully dematerialized payment method for Internet and mobile collections based on SEPA Direct Debit.

Sentenial continues to build upon the strong base it established during the SEPA adoption phase to become the leading pan-European supplier striving towards its goal of Simply Better Payments.

About Sentenial
Sentenial has been a payment expert since more than 10 years and the company has been involved in SEPA at the earliest stage of the project. Major paneuropean banks as well as more than 1,000 businesses daily process their financial transactions via Sentenial Cloud Payment Platform (web-based). As leader in the SEPA industry, Sentenial has gained recognition from its peers on many occasions. Especially during the Banking Technology Awards for four years and the Payforum Innovation Award 2014, where its Origix Payment as a Service has won the Innovation and Operational Excellence Awards.
Its team of payment experts is present in 5 European countries. They conceive and provide the best technologies to process financial transactions. Sentenial is ISO 9001 and ISO 27 001 certified.
sentenial.com

About SEPA
The Single Euro Payments Area (SEPA) harmonizes payment methods in Euros (Credit transfer, Direct debit). Thus, cross border transactions within the SEPA area become domestic payments.
SEPA enables businesses to process financial transactions from 1 single bank account the same way in 34 countries. The bank account can be open in one of these 34 countries according to the business needs. This highly simplifies bank relationships. SEPA considerably modifies the bank to business relationship as it introduces more competition between banks and new stakeholders, such as payment institutes. We enter in the age of payment costs comparison and rationalization.

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