There is requirement that must be fulfilled by SAP is SEPA(The single Euro payments Area).The purpose of SEPA is to advance European incorporation with a reasonable and advanced euro area marketing expenses market that will help you to bring with it higher service levels, further proficient products and inexpensive transport for making payments with SAP SCN.
The foremost difference’s from the current payment ideals that are being maintained by SAP Software and SEPA credit transfer is the extra relating information, payment information that has to be communicated. This will help you to delivers the part of the SEPA topics related to SAP loan management.
IF any of the customers want to make non-cash euro payments to any of the beneficiary that are situated anywhere across the euro area and in fact they are using a single bank account and a only set of payment instruments it can be done with the help of using SEPA that is creativity made by the European payments council. The SEPA development signifies the following main stage on the way to closer European integration.
SEPA compromises of:
- The single currency.
- It can have a single set of payments that are related to euro instruments and credit transfers, direct debits and payments related to card.
- Well-organized dispensation organizations for euro payments.
- Having common technical standards.
- Having common business practices.
- A well harmonized legal basis, and at last constant development of new customer-oriented services.
This article will help you learn something new about SEPA.