January 14, 2013
Do you already know the correct IBAN and BIC numbers of your business partners? A lot of companies are not yet prepared for SEPA. If SEPA is not implemented, payments cannot occur.
The government wants to simplify the cross border payments in the EU by means of turning all the independent markets in the EU into one payments area. To reach this goal European companies and government organizations need to migrate to SEPA, which stands for Single European Payments Area, by
1 February 2014.
To accomplish the migration to SEPA there are a lot of requirements. An important requirement is that all national bank account numbers need to be transitioned to IBAN and BIC numbers. These numbers can be used for both domestic as well as cross border payments. In principle, all account numbers have an IBAN and BIC number. So the first step when migrating to SEPA, is collecting these numbers. However, this sounds much easier than it actually is.
Approaching your business partners can be very time consuming and requires a well thought through process. Transparent helps its clients with the migration to SEPA by contacting all vendors in their vendor master file. These vendors are asked for the correct IBAN and BIC numbers. If you plan on tackling the vendor master file yourself, it is advisable to cleanse and update your data before AND after you call your vendors. Your data could be contaminated with the wrong contact and/or payment information of vendors.
It is important to prepare in time for SEPA and know how SEPA affects your company. If SEPA is not yet on your agenda, you should make it top priority! Transparent can help you with the migration and transitioning process. Please contact us for more information about SEPA.
About Transparent
Transparent, the global AP data mining company. Founded in 2000, offices in key European capitals, USA, UAE, South Africa, Malaysia and India. Transparent is the leader in accounts-payable data mining for: Recovery Auditing, Advise, Insight and Benchmarking.
For more information
Latoya Naarden (Marketing)
Latoya.Naarden@transparent.eu
+31 (0) 20 468 46 48