Are you ready for SEPA?
SEPA is the single, integrated European market, which allows the free flow of goods and services across the region. SEPA also increases opportunities for innovation and competition in payments.
SEPA is an opportunity for your business. The common payment area could impact your cash management arrangements, giving you greater visibility over your European cash positions. It might also allow you to centralise your payments.
- Analyse your cash flow and payment practices and examine how SEPA will affect them.
- Ensure that you have your International Bank Account Number (IBAN) with your bank.
- Confirm that all of your company's invoices and other documentation state your bank requisites: the company's own IBAN and BIC.
- Verify all invoices issued by your business partners contain IBAN and BIC.
- Check that your company's ERP systems are compatible with ISO 20022.
Your next steps
Nordea can provide you with deep expertise on SEPA, explaining how your company can:
- Optimise your bank account structure.
- Centralise your payments and liquidity management.
- Implement SEPA services.
In order for you to get accurate information on SEPA payments and accounts suitable for your needs, we recommend that you contact your local adviser in Nordea.