Understanding SEPA

The European Commission (EC), and the European Central Bank (ECB) working with the Eurosystem, created the Single Euro Payments Area (SEPA). The Eurosystem is supported by the European Payments Council (EPC), which is charged with bringing together the European payments industry. SEPA enables citizens, companies, and other economic actors to make and receive payments in euros (EUR) between and within national boundaries in Europe with the same basic conditions, rights, and obligations, regardless of their location.

Oracle's PeopleSoft applies SEPA rules and standards to these specific areas of functionality:

• The enforcement of SEPA rules and standards that apply to the storage and use of BIC, which is assigned by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and same as Swift Code along with International Bank Identifier Number (IBAN) in the system.

• The application of SEPA rules and standards to the initiation and processing of SEPA credit transfers used for single, bulk, and repetitive payments.

• The application of SEPA rules and standards to the initiation and processing of SEPA direct debits.