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1 sepa.bnpparibas.com Cash Management IMPLEMENTING SEPA Your challenges, our expertise

2 February 1, 2014: end of the SEPA transition period The SEPA Migration Regulation which came into force on April 2, 2012 sets the February 1, 2014 as the End Date for low value domestic payments in Euro-countries. In addition to set a critical milestone in the development of the single area for Euro low value payments, this announcement marks the kick-off of SEPA migration projects for all companies concerned Transition period SCT Jan 2008: Start SCT Transition period SDD EUR0- countries Nov 2009: Start SDD New regulation came into force (02/04/2012) End Date for domestic schemes in Euro-countries (01/02/2014) Non-EUR0- countries Non-EUR0 credit transfer and direct debit domestic schemes will remain in place 3

3 SEPA: KEY FACTS SEPA (Single Euro Payments Area) is a major step towards one integrated Euro payments market. Its aim is to enable companies, public authorities and private individuals to issue and receive payments across countries of the SEPA zone, as simply as it is to make a domestic payment. SEPA covers new electronic payment methods: SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). Main features: For all SEPA payment methods: XML formats are used and BIC/IBAN account number format is required. Transactions must be in Euro but bank accounts can be in another currency (if a currency conversion service is offered). SEPA Credit Transfer: Each bank charges for the part of the transaction it actually carries out. Charges will be made separately, so no deduction from the principal amount. Guaranteed execution time fixed to 1 day maximum -> Time of processing: D+1 (D=payment due date). The complete communication field is provided to the beneficiary (up to 140 characters for remittance information and up to 35 characters for payment identification). SEPA Direct Debit : Fixed settlement cycle : interbank cut-off fixed at D-2 for B2C Core scheme and D-1 for B2B scheme (D = payment due date). Direct debit mandates will be replaced by new SDD mandates, to be managed by the creditor. Existing direct debit authorizations will remain valid in all Euro countries. New protection measures for direct debits consumers (white/black list, limit amount, etc.) to be implemented by European banks before 1/2/

4 HOW TO START A MIGRATION PROJECT? KEY STEPS TO SUCCESS Corporates only have a few months left to migrate to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes before the local in-country schemes in action in Euro-zone countries become obsolete. When migrating to SEPA, the ability of a corporate's financial partners to provide advice and support is a key success factor. To begin the process, understanding the impact of migrating to SEPA and planning the right actions is critical. We draw our experience from customers who have already implemented SEPA to present the key steps to successfully migrate before the End Date. STEP 1. Assess your SEPA readiness and determine the best time to migrate First, check your company s technical and organisational readiness to move to SEPA. Key elements to check are: To which extent will your organisation be impacted by SEPA (e.g. account receivables and payables, payroll, front office, sales network, accounting)? Which of your processes will be impacted by SEPA (e.g. reconciliation, payment initiation, unpaid & rejects, archiving, communication to your clients)? Are the bank account details of your counterparties in IBAN/BIC format? Are you able to generate XML formats? Are your banking channels and reporting formats SEPA compliant? If you migrate to SDD, have you requested your SEPA Creditor ID? Are you able to manage SEPA mandates? (mandate migration or creation, archiving and dematerialisation, mandate lifecycle, B2B mandate confirmation). Our key recommendations Decide if you will only provide the IBAN or if you will provide BIC and IBAN data in your payment file. Choose the relevant XML version you plan to use and have the formats validated with your banking partner. Avoid migrating too close to the End Date (February 2014). Take into account possible year-end closing activities. 5

5 step 2. CHOOSE the right partners Benefit from the SEPA tools & services offered by your bank & software providers as they can help you reduce your migration time and complexity: Migration guidebooks and checklists will ensure you make a complete inventory of the impacts and country specificities linked to the migration. Expert advice and support will help you in your migration project. Testing and implementation teams will provide support during your project. External IBAN conversion, BIC enrichment services and mandate management tools will accelerate the migration process. Our key recommendations Rely on your bank s SEPA experience and expertise to ensure you get the right support as well as the relevant country related advice. Working with your bank is a proven key success factor in a migration project. Take the opportunity of the migration to fully clean your database (update counterparties bank details). 6

6 step 3. Set up your migration project A rigorous project management approach will ensure you allocate the right level of resources and budget as well as meet the required deadlines. A typical migration project can be structured as follows: Inventory Planning Technical adjustments Testing Roll-out SEPA business case Migration plan XML formats Test plan and execution Debtors notifications* Internal inventory Project scope IBAN conversion Roll-out plan Client support processes* Training plan Mandate management* Existing flows migration *SDD only Reconciliation and reporting Handover Our key recommendations Plan a phased roll-out: migrate your flows country by country, B2C before B2B. A post-migration period will stabilise the processes and enable to monitor strictly the R-transactions. If you migrate to SDD, do not underestimate the importance of communication with your debtors. Inform them on the continuity of their existing mandates and their new rights; send them the pre-notifications on time. For B2B, put in place a strict follow-up of your debtors B2B mandate confirmations. 7

7 step 4. Time to start your SEPA checklist This checklist will help you prepare your action plan. 1. Pre-requisites Define your company s commercial, financial and organisational strategies Assess your SEPA opportunities and SEPA readiness Draft a SEPA macro financial budget Position your SEPA project within your company global roadmap Appoint a company-wide manager and initiate your SEPA project Set up a high-level action plan 2. Organisational changes Identify the impacts on your activities and departments Identify the impacts on your processes Identify the impacts on your databases Prepare your migration schedule Set a target date for your migration to SEPA Identify your training needs and communicate this to internal parties 3. Operational and Technical changes BIC/IBAN impacts Check the reliability of your counterpart s bank details Prepare the new structure of your databases Convert your databases to BIC/IBAN or benefit from a third-party solution SEPA mandates Create a mandate database or benefit from a third-party solution Define how you will archive and dematerialise your SEPA mandates Integrate new mandate related data into your systems Migrate your domestic mandates to SEPA 8

8 3. Operational and Technical changes (continued) SEPA formats Assess your systems capabilities to integrate the new XML format Adapt your systems to be compatible with the new format (if required) Assess the impacts and opportunities of the new SEPA fields Define which reporting formats you will use Identify how you will manage the new return codes on SEPA transactions Banking channels Testing Assess your channels compatibility with the new XML format Define which channel you will use and the related supported formats Integrate the new SEPA submission and cut off times in your treasury processes Set-up a test plan with your bank Test your XML files with your banking channel 4. Administrative changes (to be done in parallel) Subscribe to the SEPA services (if needed) Conclude a SEPA contract with your bank Request your SEPA creditor identifier (SCI) Desactivate your old creditor identifier (once you have completed your migration) Inform your debtors of their mandate migration to SEPA and new rights Pre-notify your debtors before issuing SEPA direct debits Complete your software installations, your access requests, user profiles set up, etc. 5. Training Draft a training and change management plan Train your staff impacted by SEPA 6. Issuing SEPA operations Check the reachability of your counterparties banks Ensure you can manage the Sequence Type to issue your collections Define how you have to prepare your First collections files of migrated mandates 9

9 OUR OBJECTIVE : FACILITATE YOUR MIGRATION TO SEPA BNP Paribas offers a full range of migration tools and support you can choose from to cover your business needs. SEPA CORE OFFER SUPPORTED SEPA PRODUCTS SEPA Credit Transfer Urgent and Standard. SEPA Direct Debit Core and B2B. EUROPEAN CAPABILITIES Full STP processing system capabilities. across 20 SEPA European countries. Access to local and European clearing system. SUPPORT TEAMS EXPERT ADVICE AND SUPPORT Our Cash Management experts have the experience and the know-how to support you throughout your migration process. TEST MONITORING We dedicate a centralised team to support our customers during their SEPA file tests. SEPA MIGRATION TOOLS & SERVICES MIGRATION GUIDE Our practical guides on how to migrate (including country specific information) will help you evaluate the impact of your migration. BIC/IBAN CONVERSION BNP Paribas provides you with effective tools to convert national bank account ID s into BIC / IBAN within SEPA zone countries. SDD MANDATE MANAGEMENT BNP Paribas provides a tool which all ows you to create, update and archive mandates including all former direct debit authorisation data. 10

10 Why choose BNP Paribas? A pioneer SEPA bank you can trust We can demonstrate an in-depth experience and full migration expertise. We use a client-centric approach. We are fully equipped for processing high volumes. Rely on our strong SEPA expertise and support You can benefit from our complete range of migration tools. We are investing in building our teams expertise of SEPA to best support you at every step of your migration. Take full advantage of our large European footprint BNP Paribas footprint is aligned with the European economy and the SEPA zone. We deliver consistent global solutions while handling individual market specificities thanks to our local knowledge. SEPA Zone BNP Paribas Selecting BNP Paribas as your European banking partner will allow you to work with one banking partner across Europe. You will benefit from full access to all local and pan-european payment systems. 11

11 sepa.bnpparibas.com Cash Management To take full advantage of BNP Paribas SEPA expertise, contact your Cash Management Relationship Manager or visit our SEPA website sepa.bnpparibas.com sepa.bnpparibas.com MAR 2013

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