I am happy to announce that due to popular demand, we have recently posted a whitepaper covering SEPA on PartnerSource and CustomerSource.
To give you a little bit of background, in 2002, key European banks decided to create a standardized payment strategy called the Single Euro Payments Area or (SEPA) to allow payments to easily transfer electronically. SEPA is the framework that manages the necessary infrastructure and standards for the euro. SEPA actually consists of two different core concepts: credit transfers and direct debits. SEPA Credit Transfers (SCT) are a payment that a payer initiates. The payer must send payment instructions to a bank and then the bank transfers the funds from the payer's to the beneficiary's account. These are transactions between two accounts held by financial institutions in the European Economic Area (EEA). SCT are currently supported in the following localized versions of Microsoft Dynamics NAV.
SEPA Credit Transfers
Released in Microsoft Dynamics NAV version
4.0 SP3, 5.0 SP1, 6.0 SP1
5.0 SP1, 6.0 SP1
Development is currently underway for SEPA Credit Transfer XML payment format for the following countries.
Expected release date
(This list is subject to change.)
SEPA Direct Debits (SDD) is the other part of SEPA. SDD are different from SCT because they are initiated by a creditor. We currently do not have any concrete plans on releasing support for SDD but are keeping up to date with business, market, and legal requirements and will continue to support direct debits in countries where the functionality already exists as a localization of Microsoft Dynamics NAV.
For those of you who would like to know more about SEPA and how it affects our customers and products, please take a look at the whitepaper here:
- Selena Laccinole Jensen