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Overview

The SEPA (Single Euro Payment Area) is a system of transactions created by the EU (European Union) to harmonize the cashless payments within the EU countries. This package supplies the two main transactions provided by the SEPA-System:

Direct Debit Transaction

Get Payments from partners/customers/members issued an 'SEPA mandate'. The SEPA-mandate contains complete Bank Account Details:

• Name of financial institute
• IBAN (International Bank Account Number)
• BIC (Business Identifier Code)
• Mandate-ID (internal generated unique ID – have to be re assigned to a customer (…) in case he has changed bank account!)
• Date, the owner of the account has authorized and signed the Mandate.

Credit Transfer Transaction

Dispose payments to any partner. To initiate a credit transfer transaction, no SEPA-Mandate is needed. Complete bank account information to the recipient is sufficient.

Preconditions to participate on the SEPA-System

To invoke some SEPA transaction the participants needs:

• Valid bank account (Name of financial institute, IBAN, BIC)
• CI (Creditor Scheme Identification)