The SEPA project is an additional step in the construction of a unified European market following the creation of the unique Euro currency on January 1, 1999 and the introduction of Euro coins and notes on January 1, 2002.
The SEPA is a unified payments area which has been created by the European Payments Council (EPC) upon request of the European Commission. The goal is to make cross-borders Euro payments as easy as domestic payments in terms of flexibility, security, and costs so that trade and investments in the SEPA area increase. The changes for bank to bank transfers began implementation in January 2008 and become mandatory for any Euro credit transfer beginning in 2012. The changes will be rolled out gradually for various payments methods until the end of the transition period.
To comply with the new SEPA requirements and maintain current processes until the end of the transition period, Oracle PeopleSoft leverages the existing Financial Gateway product in the PeopleSoft Enterprise Financials Suite.
To reduce current and future SEPA changes that might impact payroll processing, Oracle PeopleSoft fully leverages Financial Gateway’s existing capabilities to generate payment files and manage interactions with banks.
No existing country-specific payment processes and reports have been discontinued. With the delivered SEPA feature, customers have the choice to move to the new SEPA format and the new delivered XMLP reports to process and monitor their payroll payments, or to continue to use their current process and reports, moving to SEPA at a convenient time. For more information download PeopleSoft’s Position Statement for Global Payroll Single Euro Payment from My Oracle Support, Document ID 1337662.1. For detailed information download our white paper, Document ID 1337679.1. For additional details, including technical specifications, you can download our latest document on SEPA Document ID 1364811.1