SEPA Mandate Management – Getting it Right and Ready
The Euro countries are obliged to switch their payment schemes to the new SEPA formats by 1 February 2014, and the majority of companies and organisations are now aware of the imminent actions required by them to become compliant with the new regulation. The migration of the direct debit schemes is particularly challenging, as it does not simply entail changing formats, but requires updating or setting up a mandate management system. Moreover, existing mandates have to be migrated or new mandates have to be requested from the debtors. This whitepaper looks at the key challenges across the SEPA countries and proposes best practices as to how corporates can complete their SEPA migration project in time.