SEPA Migration for Improving the Payment Structure
The Sepa migration is a newly adapted procedure, where banks and corporation change their set up to the SEPA format in the case of payments structure in transaction.
Online, May 30, 2013 (Newswire.com) - The sepa migration rule has been passed on 31st march 2012 where every national banks and corporation within the 32 European countries has to change their set up to the SEPA format. The Sepa migration services include a series of guidelines and criteria which are applicable on the banks that will be undergoing this conversion. There has been a huge stress on these banks after the deadline has been set as 1st February, 2014 and 31st October, 2016 for the euro and non-euro areas respectively. This has actually affected the payment structure of the entire money transaction methods.
International Bank Account Number (IBAN)
The success of SEPA depends on adopting the International Bank Account Number (IBAN) so that there is standardization on the process of money transfer. The international account number actually helps to save money in monetary transaction and at the same time brings a certain coding procedure in the internet banking procedure.
Business Identifier Code (BUI)
As mentioned by experts, the sepa migration services and processes are a mammoth task as it involves 300 million consumers. Hence till the deadline is over that is 1st February, 2014 and 31st October, 2016the business identifier code will be required for making any kind of cross border payments.
Payment Structure for Transaction
After the deadline dates pass away, there must be a parity and equality in the charges of the for money transaction for both cross border and for national payments.
There have been different payment structures in the 32 countries which hugely affected he national market and specially in case of global business this affected a lot of countries in the European Union and outside it. Hence at the European Union's Lisbon Agenda this was taken up so that there is no disparity in the payment modes in the euro area and so that global business with European countries could be comparatively profitable.
For more information log on to Accesspay(dot)Com(/)sepa(dot)html.