The establishment of an integrated payment market in Europe offers not only attractive opportunities but also a few challenges for companies, whether they operate on just their home market or several European ones.
Many opportunities
New challenges
Many opportunities
- You can receive or make payments in euros anywhere in the SEPA zone under the same conditions.
- The standardisation of rules and simplified execution of transactions allow you to reduce your costs. They also ensure greater transparency in the pricing structure.
- The automation of SEPA transactions reduces the volume of cash to be managed and the number of "paper" transfers.
- For large companies, the adaptation of the payment and collection channels to SEPA standards can be an opportunity to step up automatic processing procedures and switch to stronger IT data integration.
- For direct debits:
- The introduction of an automated processing chain for multi-country transactions can contribute to better management of your cash and increased control over your non-domestic payment flows.
- Your cross-border activities should be boosted by the use of uniform standards and mechanisms for direct debits in the European area.
- The introduction of a reimbursement right for "core" European direct debits makes this payment method more attractive for your debtors. It is an opportunity for you to broaden your portfolio of customers using direct debits.
- Retailers will be able to accept payment cards from all SEPA countries. They can also rethink their networks of operators in Europe, thereby simplifying back-office operations.
Find out more about SEPA in general
New challenges
- It would be useful to reassess your payment and collection procedures. Protocol standardisation should lead to uniform payments and will influence accounting systems everywhere in Europe.
- You could thus decide to rationalise not just your accounting processing chain but also your treasury management.
- As an addition to the necessary adjustments to your internal management software, other changes will have to be made with a view to the appropriate use of the new protocols by your back offices.
- It would be useful for you to take steps in coordination with your commercial partners, to assess the value of using one SEPA payment instrument rather than another.
- If your company currently has accounts in several countries, is it worth keeping them all? Your decision should take into account local laws and regulations, the possible use of non-SEPA payment instruments or even other factors.
Find out more about SEPA in general
BNP Paribas Fortis, your SEPA partner
Thanks to its substantial presence in SEPA, its own SEPA payment platform, its wide range of services and its team of specialists, BNP Paribas Fortis has everything you need to help make the smooth transition to the European payment instruments.
We offer:
- our expertise in this area: the most comprehensive advice and support;
- a checklist;
- support to help create debit transfer files;
- electronic banking tools such as PC banking Business.