The transition to SEPA will mean that domestic account numbers will be converted to the IBAN/BIC format
- By 1 July 2010, the IBAN and BIC must be provided on invoices alongside the domestic account numbers. Companies with a barcode on their invoices should also update the content of the barcode. This will be possible as of December 2010.
- Domestic account numbers in a company’s systems should be converted to the IBAN and BIC format. Various IBAN conversion services can be used to help with this, such as Sampo Bank’s free IBAN Number Calculator service.
Financial management software
- Companies who send payment data to a bank must ensure that by the end of 2010 they are using versions of their financial management software (accounts ledger, payroll computation and travel expense report software) that are compatible with SEPA and use ISO 20022 XML payment data. If this is not the case, then an alternative is to obtain a data conversion service, for example from a bank connection software provider.
Types of bank connections
- Companies using multibank software should get the SEPA version of their bank software. The company should acquire a data conversion service if it is not going to get the SEPA version of the software. Sampo Bank customers can choose to use either their current connection based on PATU keys or the WebServices connection method that will be available from the second half of 2010 as the type of connection used in their bank connection software.
- A SEPA version of Sampo Bank’s own bank connection software has been available through Sampo Linkki as of 1 April 2010. The SEPA version of the software includes a data and account number conversion service. Therefore SEPA-compatible financial management software is not required in order to use Sampo Linkki.
- During 2010, companies using Business Online for data transfers should get SEPA-compatible versions of all their financial management software that uses payment data. If a company pays its invoices individually, it will not need to worry about any changes to the data.
Payment terminal
- Companies accepting card payments must ensure that their payment terminals for chip cards have been updated to accept international debit cards. Further information on payment terminals for chip cards is provided by payment terminal and cash register system providers.
Direct debit
- Sampo Bank will offer SEPA direct debit as an alternative to the Finnish direct debit service as of November 2010.
- Alternatively, companies may transfer to e-invoicing instead. Transferring from the current direct debit service to e-invoicing will be made easy by extending the e-invoicing service to cover customers who do not use online banking.
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Please contact Sampo Bank
- Taking XML data into use and any testing of services required must be agreed with Sampo Bank. Further information on our XML data transfer services can be found here:
Service descriptions of the data transfer services
- Further information on service testing with Sampo Bank can be found here:
Instructions on production testing of data transfer services
- Sampo Bank can also provide you with useful advice and an example case of a company’s SEPA transitional schedule. We can also explain how SEPA can improve the efficiency of international payment transaction practices in your company.
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