The Single Euro Payments Area (SEPA) is the European Union's initiative aimed at integrating payment systems to standardize euro transactions across participating countries. This initiative allows for seamless electronic payments using unified formats and procedures.
Organizations need to update their SEPA mode settings when they expand operations into new European markets, change banking relationships, or adapt to evolving regulatory requirements.
CorePersonnel offers three distinct SEPA modes to meet various banking requirements and operational needs:
Mode 1: Bank sort code and bank account number only.
Mode 2: Bank sort code, bank account number, BIC and IBAN.
Mode 3: BIC and IBAN only.
Initially, we place clients in Mode 2 to allow them to generate both the old bank files and the new SEPA files. Once clients are satisfied with the SEPA files, we switch them to Mode 3, as the old bank details become irrelevant.
Regarding Portal:
In Mode 1, users see the account and sort code.
In Mode 2, users see the account and sort code.
In Mode 3, users see the BIC and IBAN.
If you need to update the SEPA mode for all companies or for specific companies, please raise a new case online. Reference the title of this article and include details of the companies that need updating.