1 SEPA Extra Payment news pg. 2 pg. 6 pg.8 pg. 20 SEPA harmonises payments The account number format when SEPA is valid SEPA will cause changes to material transfer services Is your company ready for SEPA?
2 2 Payment News SEPA Extra
3 SEPA harmonises payments SEPA (Single Euro Payments Area) is an initiative launched by the EU and the European Central Bank with the purpose of establishing a home market area for payments that covers the entire European Economic Area. Payments in euro within the SEPA area will not differ from domestic payments in the future; the payments will be forwarded under the same terms and conditions, standards and prices as domestic payments. Initially, SEPA services will include credit transfer, direct debit and cards, but services are being developed for other forms of payment transactions as well. SEPA services will be implemented gradually, and they will replace the current domestic payment transaction services after a transition period. The transition period has been planned to last until the end of in Finland with regard to credit transfers and cards, although banks may accept old-fashioned credit transfer data as an additional service longer than that. 3
4 Business Online in the SEPA era If you use Business Online for material transfer, ensure that you will have SEPA-compatible versions of your programs producing payment data in the course of next year. If you pay your invoices individually, no measures are required by you due to the data changes. Sampo Linkki in the SEPA era The SEPA version of Sampo Linkki will automatically convert payment data in the current format to comply with the SEPA standard (XML ISO 20022) and account numbers from the domestic format into the IBAN format. But remember to use IBAN account numbers and the BIC code in your invoicing in the future. In addition, note that following the implementation of SEPA, the due date in salary data is specified as the data debit date instead of the payday. The due date is always one banking day before the payday. Format of feedback material (e.g., account statements, reference lists) The XML ISO format will first be adopted for payment data to be sent. In account reporting the current electronical information format (KTO) will still be used. For example, Sampo Bank will transfer the electronical account statements account statements and reference data in the current format through the PATU channel, and subsequently also through the new Web Services channel. Account reporting messages in the XML format will replace the current electronical account statements account statements and reference lists during the next few years. Web Services channel You will be able to choose whether to send material to the Bank through the PATU or the Web Services channel in the future. Additional information on the adoption of the Web Services channel is available from the supplier of your electronic banking software. Debit cards If your company accepts card payments, ensure that you have a chip payment terminal and that the 4 Payment News SEPA Extra
5 payment terminal has been updated to accept international Debit cards. Suppliers of payment terminals and POS systems will provide additional information on chip payment terminals. SEPA direct debit differs significantly from the current domestic direct debit. Direct debit SEPA direct debit is offered as an alternative to domestic direct debit. The service will be offered to payer and creditor customers alike. Alternatively, you may adopt e- invoicing. The aim is to make the transition from the current direct debit to e-invoices as easy as possible by converting the direct debit authorisations into the e-invoice service and by expanding the e- invoice service to also cover customers without web bank services. The conversion of direct debit authorisations to the e-invoice service is subject to approval by the authorities. 5
6 6 Payment News SEPA Extra
7 The account number format when SEPA is valid The Single Euro Payment Area (SEPA) allows customers to use a SEPA transfer in domestic payments in Finland. The customers must use an IBAN account number and BIC bank identifiers in the SEPA transfer. The start-up of IBAN and BIC is making progress step-by-step in domestic payment traffic. Invoices: As of 1 July 2010, the use of IBAN and BIC has been mandatory on paper invoices and account transfer forms, besides the domestic account number. The bank bar code in invoices may be changed to IBAN format as from December Payments: If you pay invoices one by one via ebanking, you can use your national account number or IBAN until 31 October After that, only IBAN is applicable. If you send payment data to the bank, it must contain IBAN and BIC identifiers when you begin to use ISO XML materials. The transition period ended on 31 December 2010, after which the banks can still offer the reception service for the payment data to be removed as a special service until 31 October Direct debit: Domestic account numbers will be used in the domestic direct debit data in future as well. When necessary, the IBAN identifier may be changed to a domestic account number by removing its four first digits. IBAN is always used in the SEPA direct debit service. 7
8 SEPA will cause changes to material transfer services One of the changes caused by SEPA will be the new C2B XML payment data format for payment transactions between companies, based on the ISO standard and the XML format. The current PATU channel and the new Web Services channel will be used for the transfer of C2B XML payment data. 8 Payment News SEPA Extra
9 What are Web Services and the PKI key? The Web Services channel is a new mode for communication between computers, based on international standards. Data security and identification on the Web Services channel are based on a PKI key (Public Key Infrastructure). On the new channel, the encryption of the data communication connection and the encryption of the material transferred are separate, whereby the data security level of payment transfer will be improved even further. (LM02/03), foreign payments (LUM), and recurrent payments (TS). A status report will be available on the status of payments, providing feedback for the sender of the C2B payment data about whether the payment has been accepted or rejected. The current electronical account statements account statements and reference lists will also be replaced by B2C account reporting messages. The XML account statement has been approved by the Finnish Accounting Board as valid accounting material. The PKI key solution is an advance in terms of data security, replacing the PATU keys by a new and modern international standard. The Web Services channel and the PKI key are not directly based on SEPA, but support its adoption. C2B XML payment data The C2B account transfer message is a new account transfer standard. It will replace the current message standards for domestic payments 9
10 10 Payment News SEPA Extra
11 The C2B XML file transfer service for SEPA You can take payment services in accordance with the SEPA standard into use. You can send payment file to Sampo Bank through a PATU connection of electronic banking software or through Business Online. You can send all domestic payments, including recurrent payments, money orders and urgent payment orders, as well as foreign payments and MT101 orders in accordance with the SEPA standard. For Danske Bank Helsinki Branch customers it is possible to send payment files through Business Online or Web Services-channel. Please note Enter into an agreement concerning XML file transfer services at your Sampo Bank branch if you are sending payment file to Sampo Bank through electronic banking software. A separate agreement concerning XML file transfer services is not necessary if you use Business Online for file transfers. Contact Sampo Bank s Software and file transfer services, weekdays 8 a.m. to 5 p.m., tel (EUR 1.27/min +local network charge/mobile network charge) before sending the first XML material so that we can check the success of the transmission and processing. 11
12 The SEPA version of Sampo Linkki prepares your company for SEPA without effort With SEPA, the Single Euro Payment Area, the domestic data formats of payment transactions will be abandoned and the SEPA credit transfer, which is based on the international XML ISO standard, will be adopted for domestic payments. For customers using Sampo Linkki, Sampo Bank s proprietary electronic banking software, adopting SEPA will be easier. The adoption of the new data format means that companies will have to update their financial administration software to prepare for the SEPA era. However, customers using Sampo Linkki do not need to carry out SEPA-related software updates by the end of the SEPA transition period. 12 Payment News SEPA Extra
13 SEPA version of Sampo Linkki includes A service for converting payment data to the XML ISO format Automatic conversion of account numbers from the domestic format to the IBAN format A Web Services connection, which will be implemented for Sampo Linkki this spring. Materials retrieved will change to the XML data format at a later stage, and no specific date has been set for abandoning feedback material in the current format. However, the SEPA version of Sampo Linkki is necessary for making payments. But even if customers using Sampo Linkki avoid software updates, they must take care of the following SEPA-related changes, for example: Use IBAN account numbers and the BIC code in their invoicing Ensure that, in the SEPA era, the due date in salary data is specified as the data debit date instead of the payday. The due date is always one banking day before the payday. 13
14 Customer testing of Sampo Bank s XML data Sampo Bank offers its customers and software providers an opportunity for testing C2B XML payment data. Usually, software providers ensure that the payment data generated by software have been tested carefully with all banks. In addition to this, we recommend that our customers test C2B XML data with Sampo Bank prior to adopting SEPA-compliant software. The service is also available for Danske Bank Helsinki Branch-customers. For additional information on XML testing opportunities and practical issues, please con 14 Payment News SEPA Extra
15 Testing in the test environment The testing takes place by submitting the XML test data as an e- mail attachment to Sampo Bank s address: sampopankki.fi. It is not possible to submit test data directly into the bank s test environment. In the test data, the customer s identifier is (Business ID) and the IBAN-format accounts FI and FI are used as debit and credit accounts (as a credit account only if it is a domestic payment and the recipient s account is a domestic one). Sampo Bank will report feedback on the success of processing the data by . Testing phases Software houses should review all of the phases listed below. Other customers should at least review phases 1 and 4: 1. Contact your financial management software supplier and ensure your provider s SEPA compliance and the schedule of your system s SEPA update. 2. Test the formal correctness of the XML data using a suitable XML validation tool. 3. Compare the XML data with Sampo Bank s service and record descriptions and model messages that are available at > Business > Medium business > Cash Management > Material transmission services 4. Submit the XML data to Sampo Bank s testing box and enclose your contact details. tact Software and material transfer services Mon-Fri 8 a.m. to 5 p.m, tel
16 Web Services channel is launched The Web Services channel is a safe and modern data communications solution that enables material transfer between company s financial management systems and the banks. The Web Services connection can be generated either with ebanking software or directly from company s financial management systems. The Web Services channel can be used both with ebanking software programmes and in direct connections as a channel between the customer s financial management system and the bank s system. The Web Services channel is first used for transferring new data in the ISO XML-compliant format but later it can be used for sending all kinds of files. In future, the Web Services channel can also be used for other purposes than transferring payment transactions. 16 Payment News SEPA Extra
17 International standard in the background Sampo Bank s Web Services rely on information security and message determination system jointly applied by Finnish banks. The Web Services-channel is available for Sampo Bank s customers. It will be available for Danske Bank Helsinki Branch customers in April The bank identifier based security protocols currently used by Web Services connections will be replaced with a new Public Key Infrastructure (PKI) security protocol that covers the encryption of the communications connection as well. Easy adoption Bank s Software and Material Transfer services, if the customers want to build the communication protocol in their systems by themselves. Additional information Support for Software and Material Transfer services, tel (0) , Mon-Fri from 8:00 a.m. to 5:00 p.m. (1.18 /min + lnc/mpc) ebanking Customer Support, tel (0) /2, Mon-Fri from 8:00 a.m. to 5:00 p.m. (lnc/mpc) Technical description is available on the websites of the Federation of Finnish Financial Services at: The easiest way to start to use the Web Services channel is to adopt an ebanking software version that supports the Web Services connection. Additional information is available at the support for Sampo 17
18 18 Payment News SEPA Extra
19 SEPA direct debit services The SEPA direct debit service is intended for both invoicing and paying customers. The service best suits companies that debit in euros the accounts of their customers living abroad, as the SEPA direct debit service enables debiting in one and the same format throughout the whole SEPA area. If desirable, the company may use the service for debiting the accounts of its Finnish customers. The SEPA direct debit service is different from the domestic direct debit service The difference between SEPA direct debit and domestic direct debit services is that the authorisation is given directly to the invoicing party in the SEPA direct debit service, instead of giving it to the bank as in the domestic direct debit service. The invoicing party is in charge of the management of direct debit authorisations and the identification of the paying customer. In addition to recurrent payments, the SEPA direct debit system is suitable for debiting individual payments. Both SEPA direct debit models are available to customers There are two SEPA direct debit models: the basic model and the business-tobusiness direct debit model. In both models, the paying and invoicing customers will make a SEPA direct debit agreement with Sampo Bank. 19
20 Basic model (core) May be used as the debiting system of both consumers and companies. The payer provides the invoicing party with a direct debit authorisation. Sampo Bank requires, however, that the bank and the paying customer have an agreement concerning the use of the service. The payer may demand a reimbursement of the direct debit sum for any reason whatsoever within eight (8) weeks from debiting and within 13 months after the payment of the invoice, if debiting was performed without authorisation. Business-tobusiness SEPA direct debit (B2B) Intended only for direct debiting between companies. The payer provides the invoicing party with a direct debit authorisation. Moreover, the payers must provide information about the authorisation to their own banks to enable the payer s bank to check the correctness of the authorisation information before debiting the payer s account. The payer has no right to reimbursement. The payer using Sampo Bank is entitled to reimbursement within four (4) months from debiting, if the debit was made without authorisation. The present domestic direct debit system will end in three to four years. Once the domestic direct debit service has ended, invoicing parties may transfer to use either the SEPA direct debit system or the einvoice service. The banks are presently all together developing an automatic einvoice payment service to allow customers without ebanking facility to use 6 Maksuliike-info Payment News Kesä-Elokuu September 2010
21 einvoices. In this case, the customer gets advance notification of an einvoice from the invoicing party and the customer s account will be automatically debited with the invoiced sum on the due date. If the customers to be debited live in Finland, we recommend the use of the einvoice and the automatic payment service. There is no need to make SEPA changes in the domestic direct debit system as it functions in the same way as before until the service is terminated. Direct debit authorisations will not be converted to SEPA authorisations Since currently-used direct debit authorisations will not be changed to SEPA direct debit authorisations, the customers willing to transfer to use the SEPA direct debit system must re-collect authorisations from their customers. The target is to convert domestic direct debit authorisations to such authorisations that enable the use of the automatic einvoice payment service, if the invoicing party finds it proper. 7
22 20 Payment News SEPA Extra
23 Is your company ready for SEPA? With SEPA, the Single Euro Payment Area, the SEPA credit transfer, which is based on the international IBAN account number and the international XML ISO standard, will be adopted for domestic payments in Finland. Read here what this means for your company. Do you invoice your customers? As of 1 July 2010, IBAN and BIC have been mandatory on invoices and account transfer forms besides the domestic account number. You can obtain your own IBAN and BIC information from Sampo Bank. Do you pay your invoices individually through ebanking? You can use the national account number or the account number in the IBAN format until 31 October 2011 after which only the IBAN account number is valid. 21
24 Do you transmit payment data to the bank through electronic banking software or ebanking? The XML ISO payment data will be adopted instead of national payment data formats (LM02, LM03, TS and LUM2). This means that you will need a SEPA update for your financial management software or, alternatively, a payment data conversion service. Suppliers of electronic banking software, for example, offer conversion services. For additional information, contact Sampo Bank or your software supplier. The transition period ended on 31 December 2010, after which banks have the possibility to continue offering the services to be removed as special services until 31 October After this, banks no longer accept payment materials in the national format. You can send payment materials to Sampo Bank through a Link- ki/patu connection or through Business Online. Later this year, transfer of materials is also possible through a WebServices connection based on a PKI security solution. How can account numbers existing in systems be converted to the IBAN format? The company s own bank connection information and that of its trading and other partners and personnel must be converted to the IBAN format. This may have consequences for the purchases ledger, the sales ledger, the payroll computation program, the cash register system and the travel invoice application, for example. It is worthwhile surveying the different alternatives for implementing the conversion with Sampo Bank and software suppliers. Sampo Bank automatically converts account numbers in the 22 Payment News SEPA Extra
25 recipient list of ebanking into the IBAN format. What will happen to the account statement? adoption of a SEPA version suppliers of software generating payment data about the adoption of SEPA versions. The electronical account statements in the current format will still be at your disposal when you start transmitting XML ISO payment materials. An XML format account statement is being developed, and it will be taken into use later as an alternative to the current account statement. In addition to the above changes, the SEPA will also change the procedures for card payments and direct debits. Whom should you contact? Sampo Bank to agree on the adoption and testing of new XML format payment data. Sampo Bank also provides tips and concrete tools for implementing the SEPA changes. the supplier of your electronic banking software about the 23
26 24 Payment News SEPA Extra
27 SEPA checklist.... Schedule for SEPA services The transition period regarding account transfers and cards was by the end of Duration of the transition period regarding direct debiting has not yet been decided. SEPA versions of financial administration software Ensure that SEPA compatible versions of your financial administration software (e.g., ledger, payroll computation, and expense report programs) will be available by the end of the transition period. IBAN account numbers As, for example, Sampo Bank s customer, you are provided with IBAN conversion services free of charge in order to convert domestic account numbers into the international IBAN format. The use of conversion services is recommended if there are many account numbers to convert. Business Online in the SEPA era If you use Business Online for material transfer, ensure that you will have SEPA-compatible versions of your programs producing payment data in the course of next year. If you pay your invoices individually, no measures are required by you due to the data changes. 25
28 . SEPA will result in changes to payments With SEPA, the domestic standards of payment transactions will be abandoned as the SEPA credit transfer, which is based on the international XML ISO standard, will be adopted for domestic payments. Companies that use payment data will submit the data to the bank in the XML ISO format. In practice, this means that the company should contact its financial administration system suppliers (e.g. suppliers of ledger, payroll computation and expense report software) and ensure that SEPA-compliant versions of the software will be available by the end of the transition period.. Payment using electronic banking software A company may also procure conversion services from software and integration service suppliers, such as suppliers of electronic banking software. With the conversion services, the company s systems may continue producing payment data using the current standards (LM02, LM03, TS, LUM). Regardless of whether a company that uses electronic banking software obtains a conversion service, it is necessary to ensure that a version of the electronic banking software that is suitable for sending XML ISO data will be available.. Payment using Business Online Customers that use Business Online for single payments need not worry about data formats and changes. However, customers that use Business Online for data exchange should contact their software suppliers and ensure that SEPA-compliant versions of the software producing payment data will be available in time.. Account number conversion Domestic account numbers will be replaced by international IBAN account numbers. A company may utilise account number conversion services when the company s own, employees salary accounts and partners accounts are converted into the IBAN format. The use of conversion services is recommended if there are plenty of account numbers to convert. For example Sampo Bank offers its customers an IBAN conversion service free of charge. 26 Payment News SEPA Extra
29 . Cards SEPA aims at cardholders being able to use their payment cards abroad in addition to their home countries, at least throughout the SEPA area. Therefore, domestic bank cards are being replaced by so-called debit cards connected to the bank account in Finland. Companies that accept card payments should ensure that they will have a chip payment terminal and that the payment terminal has been updated to also accept international Debit cards. Suppliers of payment terminals and POS systems will provide additional information on chip payment terminals.. Direct debit Domestic direct debit as it currently is will end within the next few years. SEPA direct debit is offered as an alternative to domestic direct debit. The service is offered to payer and creditor customers alike. SEPA direct debit differs significantly from the current domestic direct debit. Finnish mass invoicing parties are, in fact, adopting e- invoicing. The aim is to make the transition from the current direct debit to e-invoices as easy as possible by converting the direct debit authorisations into the e-invoice service and by expanding the e-invoice service to also cover customers without Web Bank services. The conversion of direct debit authorisations to the e-invoice service is subject to approval by the authorities.. Sampo Linkki electronic banking software Sampo Bank s customers that use Sampo Linkki, Sampo Bank s proprietary electronic banking software, will avoid SEPA-related software updates. They can adopt the SEPA version of Sampo Linkki, which automatically converts payment data in the current format to comply with the SEPA standard (XML ISO 20022) and account numbers from the domestic format into the IBAN format. However, it should be noticed that Sampo Linkki customers must also use IBAN account numbers in their invoicing and ensure that, following the implementation of SEPA, the due date in salary data is specified as the data debit date instead of the payday. The due date is always one banking day before the payday. 27
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X Changes in fund transfers from 1 July 2003 What do these changes mean for you? SWE FI Countries in the European Union (EU) The new Directive applies to all countries in the IR UK NL DK European Union,
Doc: EPC029-06 (Version 2.2) 13 December2006 OITS SG SEPA DATA MODEL Abstract Document Reference Issue This document sets out the SEPA Data Model which is referred to in the SEPA Credit Transfer and Direct
Terms and Conditions for Remote Data Transmission (Status 31 October 2009) 1. Scope of services (1) The Bank is available to its Customers (account holders) for remote transmission of data by electronic
1. Definitions In addition to the terms and conditions provided in the Current Account Contract Conditions and the General Conditions of the Bank, the following definitions are used in these Payment Conditions:
SEPA domiciliation FAQ To see the FAQ about SEPA Direct Debit, click on the question to accede directly to our answers! 1. What is SEPA domiciliation (Sepa Direct Debit = SDD)? 2. What happens after 01/02/2014?
RECOMMENDATIONS FOR CONDUCTING PAYMENT TRANSACTIONS THROUGH ELECTRONIC BANKING SYSTEMS FOR LEGAL ENTITIES, ENTREPRENEURS AND INDEPENDENT PROFESSIONAL OCCUPATION AT UNICREDIT BANKA SLOVENIJA D.D. Ljubljana,