Simply Dynamics SEPA READY Guide and Options

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1 Simply Dynamics Guide and Options Simplicity and Efficiency for your Dynamics Solution 1

2 Table of Contents 1 Overview What Is SEPA When will this Happen Are Sterling and Non Euro transactions affected What Countries are affected What Do I need to do BIC and IBAN SEPA Credit Transfers (SCT) SEPA Direct Debit (SDD) SEPA Direct Debit IMPORTANT CHANGES Useful Reference Sites What s our Plan for Nav customers Timelines Costs

3 1 Overview 1.1 What Is SEPA The Single Euro Payments Area (SEPA) comprises the 28 EU member states, as well as Iceland, Liechtenstein, Norway, Switzerland and Monaco. It is an area within which you can make and receive payments in euro, under the same basic conditions, rights and obligations, regardless of their location, whether between or within national boundaries. 1.2 When will this Happen SEPA will come into effect on 1 st Feb At that time all existing EURO payment and direct debit system in the SEPA region will cease and SEPA will be only platform for SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD). For Great Britain and Northern Ireland this shut down of existing Sterling National Systems will not happen until 31 st October However electronic Euro payments are subject to the same 1 st Feb 2014 deadline as above. 1.3 Are Sterling and Non Euro transactions affected Non Euro transactions within the SEPA region will continue as normal. Non SEPA region transaction will also continue as normal. 1.4 What Countries are affected Below are the current SEPA members (EU & Non EU). 3

4 1.5 What Do I need to do We would suggest you consider the following steps BIC and IBAN Even if you are not using electronic banking you should prepare to convert all current bank account details (Customer, Supplier and Internal) from Account Number and Sort Code to IBAN and BIC (formerly SWIFT Code). Once done update your Nav company information and document layouts to indicate your SEPA payment details (BIC and IBAN). Simply Dynamics are offering this as part of our SEPA readiness plan SEPA Credit Transfers (SCT) If you are using Nav to generate EFT files currently then you will need to update these to SEPA XML format. Once this is done and your Supplier Bank details updated then you are ready to send a test file to your bank. You will also need to consider and review your process for Non Euro or SEPA region payments if you want to complete these electronically. Simply Dynamics are offering this as part of our SEPA readiness plan SEPA Direct Debit (SDD) If you are using Nav to generate Direct Debit files currently then you will need to update these to SEPA XML format. Once this is done and your Customer Bank details updated then you are ready to send a test file to your bank. You will also need to consider and review your process for Non Euro or SEPA region direct debits if you want to complete these electronically. Simply Dynamics are offering this as part of our SEPA readiness plan. 4

5 1.5.4 SEPA Direct Debit IMPORTANT CHANGES A number of very significant changes will arise as a result of SEPA DD. Companies will need to plan their policies to deal with these new procedures. Under SEPA DD a payee will now have the right to a no questions refund of the direct debit for a period of up to 8 weeks after the payment has been taken. This has significant implications for credit control and credit management. Currently in Nav we are planning to display these unsecured payments on the customer card under the customer balance. We are suggesting clients consider treating such payments as being part of the credit exposure to any customers. Where a client feels the credit risk is higher we suggest using credit card rather than direct debit to secure funds. To avoid this risk you need to ensure your customer registers as a B2B customer and agrees to the corporate opt out rule (removing the 8 week no questions claw back). Customers need to clarify with their banks how existing direct debit mandates will transfer/convert to the new SEPA model (i.e. will B2B corporate opt out apply by default). Under SEPA DD an Originator no longer needs to submit their DD mandate forms to the bank. Instead they are now responsible for storing these (electronically is acceptable). 5

6 1.6 Useful Reference Sites IPSO: AIB: BOI: UB: 6

7 2 What s our Plan for Nav customers We are offering 3 plans to assist you in your SEPA upgrade A. Assistance with BIC and IBAN Update and Document Updates (BIC) B. Plan (A) above Plus SEPA Credit Transfer update. (BIC+SCT) C. Plan (B) above plus SEPA Direct Debit update. (BIC+SCT+SDD) Please note if you are not using Credit Transfer or Direct Debit directly from your Dynamics Nav ERP system then only plan A is relevant. If you want to introduce credit transfers or direct debits from Nav then now is the time. Plan A will allow you achieve 2 things Update customer facing documents to be SEPA ready (IBAN & BIC codes). Allow you manage/workflow getting your customer/supplier bank details ready for update on your Banks Electronic banking portal. 7

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9 3 Timelines We are asking customers that need our services to plan for the following time lines 31 st August 2013 On or before customers should book a relevant plan with us. o We will be contacting all customers during August to discuss if they need our services on their SEPA upgrade. 30 th September 2013 BIC and IBAN updates should be completed on live data. 31 st October 2013 All changes uploaded and tests run handover to client for local testing with their own bank 30 th November 2013 All final issues resolved and testing completed ready to go live. 4 Costs Microsoft currently has no plans to release core SEPA functions to W1, IE or GB editions of Nav 5.0, 2009 or 2013 (Prior versions are no longer supported). However it may form part of later releases. So in the interim partners in most regions have to deliver their own solution to clients. Our costs cover both objects and service time required to deliver the solution and includes support until next renewal at which point the list price will be added to annual Software Assurance contracts until such time as client is on a Microsoft supported version with a Microsoft SEPA granule. So customers renewing BREP including a SEPA plan (B or C) will then be supported by Simply Dynamics free of charge for future SEPA format changes and local bank format changes. Please contact us on sales@simplydynamics.ie or for prices on our SEPA Plans 9