European authorities have announced that SEPA will definitely become the mandatory banking format to manage credit transfers in Euros from February 2014 onwards. This date marks the end the of the transition period in a number of countries including France, Germany, Spain and the Netherlands, as country specific banking formats will no longer be accepted by banks in those countries after January 2014. This affects payroll payments, that could be processed either using country specific banking formats or the SEPA banking format until now.
In order to support the compliance needs of PeopleSoft HCM Global Payroll customers on releases 9.0, 9.1 and 9.2, Oracle is announcing important updates to enhance and extend its existing SEPA solution, in a new SEPA Position Statement published on My Oracle Support , Document ID 1546932.1. If you are a PeopleSoft HCM Global Payroll customer in Europe and haven’t moved your payroll payments to SEPA yet, please read this document to take advantage of the complete SEPA solution and latest enhancements delivered by Oracle for PeopleSoft customers.