2. Are you SEPA ready? Why now?
The Single Euro Payments Area (SEPA) The SEPA end date is February 2014, when
initiative creates a zone in which all euro all payment formats will require IBAN and
electronic payments are treated as domestic BIC in order to be successful. If left until the
by removing existing differences between last minute, the SEPA requirements have the
national and pan-European cross-border potential to be both disruptive and costly.
payments. SEPA will enable you to make There is a competitive advantage to early
cashless euro payments to anyone located migration to SEPA payments as ensuring you
in the SEPA zone using only a single bank have the correct IBAN formats prior to the end
account and one set of payments instructions. date will ensure your business continuity. Even
This means from 1st February 2014 all euro if you’re not experiencing failed payments
payments will require the use of IBAN today, failure to migrate to SEPA by the
(International Bank Account Number). Failure deadline will ultimately resu lt in failed
to collect and validate IBAN details will result payments and increased costs which will
in failed payments, increased rejections costs negatively impact on the profitability of your
and poor customer service. 34 million euro business.Take steps to begin migration to
transactions are made every year and around SEPA today. Contact one our team of experts.
12.7%* are incorrect; and with the cost per
failed transaction at an average of €50, the
financial impact for your business of non-
conversion could be significant.
How can Experian help
you with SEPA?
Experian can help you validate and
reformat your payment details into SEPA
compliant formats using the worlds’
most comprehensive and complete
multi layered SEPA validation and IBAN
conversion solutions. Experian validates
‘Failed transactions
and electronically converts your existing, pose significant costs
domestic, bank account formats to the
required IBAN and BIC; alongside being able
of around €6 for every
to flag and identify incorrect data early and account number held:
ensure that it is cleansed. Experian provides
a service that initiates successful, SEPA €600,000 for businesses
compliant, cross-border and local payments
with dramatically reduced errors and
with 100,000 customers.’
rejection costs. ExperianWhitepaper April 2012: Counting the hidden costs of SEPA migration
4. Why Experian?
Experian is the leading global information services company, providing data and analytical
tools to clients in more than 80 countries. Helping businesses to manage credit risk, prevent
fraud, target marketing offers and automate decision making.
Experian can offer you a fast, cost-effective IBAN and BIC data conversion and validation
service to ensure that your payments data is correctly formatted for SEPA and that your
business can benefit from the new schemes without disruption or additional costs. Our
consultancy provides you with a complete SEPA migration solution. Our dedicated SEPA
team with knowledge of local account formats across the SEPA zone will ensure you avoid
failed conversions.
‘On average, 12% of bank account data currently
held by European companies contains errors that
could cause payment failure on SEPA adoption.’
*ExperianWhitepaper April 2012:Winning with SEPA –Why valid bank account data matters
Don't delay.
Contact our team today...
0845 266 6602
sepa@uk.experian.com
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