SEPA Migration Checklist

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1 SEPA Migration Checklist How far advanced is your organisation in its transition to SEPA standards? The scope of migration is surprisingly broad, with impacts likely along the entire financial supply chain. Migration is a complex process, but it needn t be daunting. Setting clear objectives is critical to a solid start. Use this checklist to evaluate your progress to date, or to validate your project plan.

2 The content intends to be a summary matter (and is subject to change without notice) and for your general information only. J.P. Morgan makes no representation or advice as to the legal, regulatory or tax implications of the matters referred herein. Confidential and proprietary to J.P. Morgan JPMorgan Chase & Co. All Rights Reserved. All services are subject to applicable laws and regulations and service terms. Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by J.P. Morgan and/or its affiliates/subsidiaries. Issued and approved by JPMorgan Chase Bank, National Association, London Branch authorized and regulated by the Financial Services Authority.

3 Please tick as appropriate Key: Yes Don t know No NA Have you defined a target state for your accounts payable/ accounts receivable operating model (i.e. to achieve minimum compliance or strive for further efficiencies)? Does this target state incorporate end-to-end processes & platforms: Within your organisation Within your entire value chain? Scoping & Planning 1

4 Scoping & Planning Will your project scope include adoption of: SEPA Credit Transfer SEPA Direct Debit Core scheme SEPA Direct Debit B2B scheme Local niche schemes such as RIBA (Italy)? Which of these payment flows will your SEPA project address? Vendor payments Tax payments Payroll Local Authority payments Scoping & Planning 2

5 Scoping & Planning Have you decided whether to implement changes on a phased or big bang basis by: Country where your institution is active Phased Big Bang Client segment Payment / collection instrument group? Have you considered the following factors? Country / Industry readiness Counterparty readiness Availability of internal resources (systems, expertise) Budget Scoping & Planning 3

6 Please tick as appropriate Have you decided how you will resource the following key project tasks? Internally Middleware Company Service Bureau Bank Conversion of account number records to IBAN Conversion of payment instructions to XML Digitisation and management of Direct Debit mandates Modification of reconciliation process to utilise richer payment data Amendment of reporting process Scoping & Planning 4

7 Have you identified your internal stakeholders? Procurement Sales Accounts Payable Accounts Receivable Legal, Risk & Compliance Customer Services Human Scoping & Planning 5

8 Have you identified your external stakeholders? Clients Suppliers Technology Vendors Cash Management Service Providers Have you assigned a: Program Sponsor Project Manager Project Team? Have you ensured all stakeholders are appropriately authorised and engaged? Scoping & Planning 6

9 Have you made plans for the following stakeholder communications: Advising account number changes to clients and other interested parties Communicating any anticipated changes to current processes Training your Customer Services division to handle SEPA-related queries from clients and suppliers Are communication lines open to identify and track regulatory or industry impacts as and when they occur? Testing & Contingency Have you acquired sufficient testing resources and allowed enough time for end-to-end testing of internal and external systems and processes? Have you arranged for adequate manual resources to intervene in case of higher-than-usual levels of payment rejections? Scoping & Planning 7

10 Are you clear on the variation in rejection parameters between individual Eurozone countries? Have you prepared and documented robust contingency plans in case accounts payable / accounts receivable processes fail after the migration deadline? Project Reporting & Conclusion Are performance metrics in place to measure effectiveness of the preparations made? Have you identified which milestone will determine successful project completion? Scoping & Planning 8

11 Have the most eligible euro bank accounts for consolidation been identified? Can euro liquidity structures be simplified or decommissioned as a result of such bank account consolidation? Are further efficiencies in the entire cash conversion cycle achievable? Would the pursuit of such efficiencies warrant the engagement of any additional Optional Services or other performance boosters from banks or vendors? Do you know how much your DPOs would benefit from transaction processing on a same day value basis? If your SEPA project presented an opportunity to forge a bank-agnostic channel such as SWIFT Score, would that be desirable? Have you considered how your consolidated pan-regional euro transaction volumes could improve your buying power for cash management services? Could you combine your payables and receivables with other cash management services for a better deal with a single, pan-regional provider? Scoping & Planning 9 Ongoing Opportunities

12 Next steps A successful migration will need to involve critical external stakeholders such as technology vendors and banks from the very beginning. We stand ready to support you through to full SEPA compliance and beyond, as you lead your treasury to an optimal structure delivering peak performance. Contact your J.P. Morgan Treasury Service Manager today to review your SEPA Readiness Checklist status. 10

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