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SEPA Payments

The Barclays range of SEPA payment and direct debit services enable you to take advantage of the Single Euro Payments Area – allowing you to streamline, centralise and simplify your European cross-border payments and collections.

Solutions for your business
 
  • Exchange Euro payments and collections between any accounts in the Single Euro Payments Area (SEPA) as easily as between domestic accounts
  • Benefit from improved efficiency and competition in the payments market
  • Help to centralise your accounts and payment flows using standardised rather than country by country formats.
  • Transition smoothly into the SEPA Direct Debit market with our fully managed, end-to-end service.

    Is it right for you?

    • Eases the transition process if you have a large number of mandates spread across a variety of banking systems or you are looking to collect funds from debtors across the SEPA area using direct debits
    • Provides a seamless solution to the challenges corporates face when starting Euro direct debit collections
    • Addresses everything from the initial mandate and file creation to ongoing document and transaction management, with minimum disruption to your existing processes
    • Simplifies the whole process – whether you are starting out in the SEPA Direct Debit market or consolidating to one central SEPA bank account.

    Key features and benefits

    • Matches collections to SEPA-compliant mandate information
    • Allows upload of bulk files in ISO 20022 XML format or delivery of information in CSV format to be enriched
    • Uniform International Organization for Standardization (ISO) return codes for all SEPA countries – plus ISO transaction codes to identify purpose of collections
    • Enables daily management of SEPA mandate information and a variety of reports to facilitate reconciliation.
  • SEPA Credit Transfers (SCT) offer customers the ability to send Euro payments that will reach beneficiaries’ accounts, within the SEPA area, the next working day. Euro payments within a SEPA country or between two SEPA countries can both be made as SEPA Credit Transfers, creating easy and secure cross-border transactions.

    Is it right for you?

    • Scope: payments in Euros within the SEPA area. There is no cap on the amount of funds that can be transferred under the scheme
    • Single and bulk payments are supported
    • Easy identification of a payment through specific data fields that clearly indicate payment types (e.g. salaries, taxes).

    Key features and benefits

    • SCT use International Bank Account Numbers (IBAN’s) instead of local domestic account numbers
    • Bank Identifier Codes (BIC) are now optional for both SEPA domestic and cross-border payments unless a non-EEA country is involved in the transaction
    • Files of SEPA transactions use ISO 20022 XML formats allowing you to include specific data fields to specify payment types, such as salaries or taxes.
  • SEPA Direct Debit allow a creditor in a SEPA country to collect direct debits from customers in that country or any other SEPA country.

    Is it right for you?

    • A pan-European Euro Direct Debit service
    • Only one bank account needed for all European Direct Debit collections
    • Cycle times consistent across all the SEPA countries
    • The two main schemes are SEPA Core Direct Debit and SEPA Business to Business Direct Debit.

    Key features and benefits

    • Streamlines your operations by providing a common set of rules and one message format for domestic and cross-border direct debit transactions within the Eurozone countries
    • Enables you to originate direct debit collections from Barclays locations in France, Germany, Ireland, Italy, Portugal, Spain and the UK to debit your debtors in any of the SEPA countries
    • Strengthens cash forecasting, enabling you to accurately predict the date of collections from your customers
    • Shortens the time needed for reconciliation and investigations
    • Helps improve access to European markets by removing barriers to collections from across the EU
    • Provides you with the opportunity to reduce and consolidate bank accounts.
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Insight

Swift GPI for Cross-border Payments

Barclays speaks to Ryan McAuliffe from SWIFT about how SWIFT global payment innovation (gpi) is transforming the cross-border payments industry.

What can SEPA payments do for you?

Barclays SEPA Direct

An end-to-end managed online system to optimise the collection of pan-European and in-country Euro Direct Debits and SEPA payments.

SEPA Direct Debits

A pan-European Euro Direct Debit service enabling collections from, and payments by, SEPA Direct Debit to any country in SEPA.

SEPA Credit Transfers

Provides the ability to send non-urgent Euro payments to any country within SEPA.

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Get in touch

To discuss your business requirements and how Barclays can support you, contact us today.