Why the interest and currency management should be interesting for you? Each day the global market offers new possibilities to your company that you should embrace. At the same time, markets are becoming more and more dynamic.
Pay without cash in euros throughout Europe
Europe is growing together: gradually a Single Euro Payments Area (SEPA) is emerging.
At NORD/LB the future started long ago: Your account is fit for SEPA.
Financial transactions throughout Europe – with only one account
Conveniently transfer the wages and invoices for your branches in other European countries or collect the rent for an office in a neighbouring country.
As well as the 27 EU member states, Iceland, Liechtenstein, Norway, Monaco and Switzerland are participating in SEPA as well. A total of 32 countries are participating.
Convenient direct debits – with improved functions
Collect outstanding invoices amounts throughout Europe, securely and quickly, thanks to common standards for processing and data format and on the basis of a common legal basis.
What is good is that with SEPA you control your cash flow exactly to the day - with the SEPA direct debit mandate you can specify an exact due date. This will allow you to improve your liquidity management. A major benefit for companies operating across Europe.
Easier management of customer data – thanks to a standard data format
Whether in Germany or in another European country – the master data such as the IBAN and BIC will have a standard structure. This will make it easier to manage your customer data. Standard checking criteria will also increase the security of the data transmitted.
SEPA transfer - the benefits for you
- a single system for euro transfers – whether in Germany or abroad
- use of IBAN and BIC.
- accounts credited throughout Europe within a day
- no limit amount
- favourable domestic rates
What customer data do you need for a SEPA transfer?
Instead of the account number and sort code, with a SEPA transfer the recipient’s IBAN (International Bank Account Number) and BIC (Bank Identifier Code) have to be used. This will clearly identify the recipient of the payment.
You can conveniently convert the customer data with German banks to IBAN and BIC using the SEPA Account Converter. For foreign account details, please ask the recipient of the payment for the details.
What details do you have to provide as the originator of the transfer?
As the originator of the transfer you only need your IBAN. This includes your account number and sort code, the country code and a check digit. You can find these on your account statement. You can also quickly obtain your details with our >IBAN calculator.
Our tip: Quote your IBAN and BIC on your business documents and invoices so that your business partners and customers can pay the amounts they owe you by way of a SEPA transfer.
What do you need to bear in mind with foreign transfers?
The Deutsche Bundesbank has to be notified of transfers over EUR 12,500 to or from abroad.
The Deutsche Bundesbank’s free Hotline will answer any questions you have about this duty of notification (forms, presentation, notification deadlines etc.): +49 800 1234-111
What does a SEPA transfer cost?
The costs for a SEPA transfer are shown in your NORD/LB’s >list of charges and services.
SEPA direct debit - the benefits for you
- used throughout Europe - all 33 European countries are participating
- exact due date for account debit
- clear allocation of a payment with mandate reference and creditor identification number
- up to 140 characters for reason for payment
How can you participate in the SEPA direct debit scheme?
In order to collect funds using the SEPA direct debit process, you need a SEPA direct debit mandate. This authorises the recipient to collect an amount due from the payer. The bank of the payer is also instructed to pay the direct debit. Every SEPA direct debit mandate contains a clear mandate reference - for example a sequential number. This has to be stated in all SEPA direct debits. Together with the identification number of the presenter of the direct debit, the so-called creditor identification number, every mandate is clearly identified. You can obtain the creditor identification number free of charge from the >Deutsche Bundesbank (in German only).
With NORD/LB’s SEPA data format you are well-equipped and flexible.
The advantages of the new data format:
- several accounts possible in one message/file
- several payment dates possible in one message/file
- specific types of payment (for example wages/salaries) can be shown
The SEPA data format is based on ISO 20022 and was introduced as mandatory for interbank payments. For the exchange of information between the customer and the bank, the new XML-based format is recommended.
Close consultation creates investment security
The specification agreed with all German banks allows the use of a standard data format to reach all German and many European banks. Here we implement in full the customer-bank format recommended by the European Payments Council. The European Payments Council (EPC) is the European banking industry’s decision-making body for payment transaction issues.
Further extension of multi-bank capability
With EBICS, the Electronic Banking Internet Communication Standard, multi-bank capability is at the same time extended to European payment transactions – this has proven to be very successful for payment transactions in Germany.
You can download the specification documents on the SEPA data formats from the website of the "Deutsche Kreditwirtschaft":
>"Deutsche Kreditwirtschaft" data formats (in German only)
The IBAN is used to clearly identify the recipient of the payment.
The components of the number are:
- Check digits
- internationally valid code of the receiving bank (sort code)
- Account number
The IBAN and BIC clearly identify the recipient of the payment.
We help you to convert your business partners’ account data into internationally valid number sequences with an easy-to-use PC programme.
The SEPA Account Converter was developed for you by savings banks and landesbanks. It automatically converts the bank account details of German banks into IBAN and BIC.
The benefits for you:
- quick and easy conversion
- works in all common versions of Windows
- Data exchanged easily with existing systems
- Data validated by calculating check digits and checking sort codes
- legal security
The programme meets the requirements of ISO 13616, according to which the IBAN may only be issued by the bank holding the account.