Changes in Payment Services
Notification of the deadline for SEPA compliance
SEPA (Single Euro Payments Area) was started in 2008 to strengthen European integration. SEPA establishes a single market for euro payments in order to provide common standard and full transparency in terms of services and prices. The area includes all 27 European Union Member States plus Norway, Iceland, Lichtenstein and Switzerland.
According to the Regulation (EU) No 260/2012, for non-Euro area countries such as Hungary, the deadline for SEPA compliance is 31st October 2016.
After 31st October 2016 the following changes will take effect:
- 'IBAN only' rule - You will no longer be required to indicate the BIC (Bank Identification Code) in the SEPA Credit Transfer. IBAN must be used for the account to be debited and credited;
- Your SEPA payments (more than one) must be submitted in XML file format in accordance with the UNIFI ISO 20022 standard. In case your system is not prepared for generating XML formatted file, we are committed to delivering solution that enables you to convert the file before importing it into your electronic banking system;
- Receipt of collection order denominating in EUR can only be processed as SEPA Direct Debit in accordance with the SEPA Direct Debit Core and SEPA Direct Debit Business to Business terms.
Should you need further assistance, please contact your Relationship Manager.