The Single Euro Payments Area (SEPA) is an initiative by the European Commission in which all electronic payments are considered domestic, regardless of the country/region where the individual, business, or organization, and the bank are located. Within this area, there is no difference between national and cross-border payments. The SEPA includes the 28 European Union (EU) member states, plus Iceland, Liechtenstein, Norway, Switzerland, and Monaco. The SEPA helps form a single market for payment transactions within the European Economic Area (EEA).
The EPC is committed to delivering following pan-European payment instruments:
- For credit transfers – SCT – SEPA Credit Transfer
- For direct debits – SDD – SEPA Direct Debit
SEPA export formats for remittance journal in promissory notes (Account Payable) and remittance journal in Bill of Exchange (Account Receivable) are available in Microsoft Dynamics AX 2012.
The feature is available for download using the following link: https://mbs2.microsoft.com/Knowledgebase/KBDisplay.aspx?scid=kb;EN-US;2926526
Additional information – only for AX2012:
To install that hotfix it is required to install in addition kernel hotfix 6.0.1108.1931 from KB 2748621.