The Single Euro Payment Area (SEPA) was established to make the transfer of European funds easier among member nations. It simplified the transaction process, reduced fees and became a more transparent way to see such transactions. This initiative has gone one step further with the SEPA instant credit transfer system, a method allowing for instant electronic payments 24 hours a day, 365 days a year.
Designed to allow for the processing of instant payments across Europe, rather than individual countries operating their own, the SEPA instant credit transfer system allows for pan-European payments.
As consumers expect quicker transaction times through card payments and processing, it only makes sense that businesses and employees should expect the same. In conjunction with the existing SEPA system for direct debit, it was envisioned that the SEPA instant credit transfer system would allow for a more streamlined payment process from businesses to employees.
Rather than fragmented instant transfer systems between countries, the SEPA system would allow cross border instant payments. Allowing for payments and employment across Europe.
In the traditional banking system, banks process credit transfers in batches. Meaning as you make payments through your bank throughout the day, they batch these payments and submit them for clearing at the end of the day.
A process that, particularly with large businesses can lead to delays in payment.
SEPA instant credit transfer along with open banking allows for instant processing of this payment in real-time something traditional banking cannot do.
However, there are still areas that can be improved upon and that is where SEPA XML GENERATOR comes in.
SEPA XML GENERATOR allows for the payments of up to 90 employees, service or product suppliers at one time.
Once payment details and issuing dates are input into the system, separate SEPA XML files are generated and sent to your online banking system. This reduces administration time and associated costs.
Manually inputting employee data can leave room for errors as you are viewing multiple account details etc.
The SEPA XML GENERATOR framework is simple and easy to use. You can process all your important data in one place and have documentation and recordings to prove it.
Working both as a Credit and Debit XML generator, you can use our free trial today to see how the XML generator improves your business processes and speeds up admin time.