Eiger Systems has said that the requirement for all domestic account details to be converted to the BIC and IBAN format to comply with the SEPA 2010 deadline means that organisations within the eurozone may face the prospect of contacting potentially millions of customers in order to successfully participate in the SEPA direct debit and credit transfer schemes. They say this problem is further compounded as the banks are not allowed to provide a conversion service for accounts they do not hold, thereby requiring organisations to identify their own solution. The organisations that will be most heavily impacted by this requirement are the largest B2C businesses with extensive customer and supplier bases. Either companies assign internal resource to contact each customer to obtain their BIC and IBAN details, which could potentially run into millions of individuals, making the task virtually impossible. Or they need to source a vendor solution, which will perform a conversion to BIC and IBAN and ensure the details are verified as part of the process. However, converting from domestic details to BIC and IBAN is only one aspect for organisations to consider as part of their move to SEPA. It is also imperative that organisations put solutions in place to ensure that their BIC and IBAN data is correct on an ongoing basis, as errors in details could prove costly to correct.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more