02 Mar 2022 By PAYCEC
SEPA allows businesses to conduct euro transfers to participating countries via direct debits and direct credits via a single bank account and a standardized set of regulations.
Despite the fact that the United Kingdom has exited the European Union as a result of Brexit, it is still a member of the Single Euro Payments Area (SEPA).
In principle, little has changed in terms of how businesses utilize SEPA, however, there are a few extra details which are now necessary to make SEPA payments from the UK to the EU and vice versa.
As a result of the Brexit changes, the SEPA payment instruction from the corporate's bank must now contain the postal address of the creditor bank.
For credit payments (SCT and SEPA Instant Credit Transfer), the originator's full address and the Beneficiary Bank's BIC code must be included.
The entire address details of the respondent, as well as the BIC code of the Depositor Bank, are required for Direct Debit (SDD Core and B2B) collections from the creditor.
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