Introduction
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of 2020, there were 36 members in SEPA, consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom.
The aim of SEPA is to improve the efficiency of cross-border payments and turn the previously fragmented national markets for Euro payments into a single domestic one. SEPA enables to make cashless Euro payments to any account located anywhere in the area, using a single bank account and a single set of payment instruments.
Instruction
1. To set up Direct Debit transfer via SEPA, you need to provide the Perfect Gym Implementation Team with the following information:
- IBAN - number of the bank account
- BIC - bank identifier code
- Company Name - the company name registered in the bank
- CdtrSchmeId (Identifier of the Creditor): digits and letters, beginning with 2-letter country code
2. If you have already used SEPA with the previous system, provide as well the file, which is sent to the bank to generate payments from.
3. The payment is generated manually, as in other Direct Debit transactions, which is according to this instruction.