For businesses operating in Europe, cross-border capital transfers are a must, and there is no safer, more efficient, or more cost-effective way to move capital than Transact24 SEPA Credit Transfers.
The SEPA Credit Transfer (SCT) is a payment in euros across accounts registered with banks in the SEPA area—which includes all 28 EU states plus Iceland, Liechtenstein, Norway, Switzerland, Monaco, and San Marino. SEPA Credit Transfers give companies the ability to initiate and receive credit transfers within the SEPA area using a limited number of accounts and a standardised format, resulting in, among other things, improved liquidity and lower capital management costs.
Transact24 currently offers many different types of SEPA solutions (such as SEPA Instant Credit Transfer and SEPA Direct Debit), with transfer initiation available from 19 of the 34 countries in the SEPA area, including the Netherlands, Belgium, France, Spain, Portugal, Luxembourg, United Kingdom, Ireland, Germany, Austria, Switzerland, Italy, Poland, Slovakia, Czech Republic, Hungary, Bulgaria, Romania, and Poland. When using the different types of SCTs offered by Transact24, it is important to consider that although the products used for the initiation of payments within SEPA are harmonised, there are still some country-specific cut-off times, processing differences, and file format differences that will affect transfers.
With a SEPA Credit Transfer Batch, a file can be created that includes multiple payments to all banks within the SEPA area. For the account statement, the client can choose whether to have the multiple SEPA Credit Transfers displayed as a global debit or as multiple debits.
If you want to make a payment within the SEPA area, but the beneficiary bank needs to be credited on the same day, you can opt for a SEPA Credit Transfer Same Day. This is a high priority payment and is processed on the same working day, if the payment is initiated before the cut-off time.
If you wish to make a credit transfer between two accounts that belong to the same financial group of your company and are both held within Transact24, you can opt for the SEPA Credit Transfer Intra-Company. If the cut-off time is not respected, the execution date of the debit and credit booking will be adjusted to the next target day.
If you make or receive a SEPA Credit Transfer between two accounts that are held at Transact24, the payment will be processed as a SEPA Credit Transfer Transact24 In-house. The receiving bank will be credited as soon as possible if the payment is initiated before the cut-off time, and the payment will be priced lower than a standard SEPA Credit Transfer.
If you need to initiate a high value euro payment as late as possible (last minute), you can choose the Euro Credit Transfer Real Time. The Euro Credit Transfer Real Time will be processed with a cut-off time near the end of the business day.
SEPA Standing Orders are for regular transactions (weekly, monthly, etc.), and they save time and help eliminate delayed payments by creating standard orders for repetitive payments and eliminating missed cut-offs.
A SEPA Credit Transfer is the standard single payment to a beneficiary within the SEPA area. The receiving bank will receive the SEPA Credit Transfer the next working day if the payment is initiated before the cut-off time from an account held at Belgium, Luxembourg, Slovakia, Czech Republic, Hungary, Romania or Poland. For all other countries, the payment will be credited on the same working day if the payment is initiated before the cut-off time. For reconciliation or accounting purposes, companies can choose account statements displaying single or multiple debits.
The SEPA Credit Transfer Batch Salary is intended for salary payments. If the cut-off time is respected, all payments in the batch are processed on the same day and all beneficiaries will receive their salaries on the same day. When the cut off time is missed, the entire batch is required to be processed the next target day (D+1).
Contact us at Transact24 and speak to our SEPA professionals about making your cross-border transactions function as smoothly and timely as clockwork.
If you are selling into or within the Euro-zone, and would like to enjoy the many SEPA benefits, SEPA payments are an opportunity for your business. The positive impact on cash flow and cash management arrangements is significant.
Transact24 offers extensive SEPA expertise and can help your business to: