Support of the SEPA procedure
With the Lisbon Agenda in 2000, the European Union laid the foundations for the creation of a single European Payments Area ("SEPA"). From February 2014, the procedures for transfer and direct debit in euros offered in the euro area countries must in principle comply with the requirements defined in Regulation (EC) No 924/2009.
In IMSWARE, the SEPA credit transfer and direct debit system is already included in the standard modules. All technical requirements for storing the necessary data and the use of the data in the standard processes are provided. For the transitional period until 2016, the previous procedure is possible in parallel. Even after that, the previous information on bank details will be maintained to serve payments outside the euro area.
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