New Feature: Spanish Cuaderno 58 payment format integrated in SEPA Direct Debit
The SEPA (Single Euro Payments Area) is an European Union initiative for simplification of bank transfers denominated in euro, so all citizens, businesses and European public authorities can make and receive payments in euro under the same basic conditions, rights and obligations, regardless of their location.
The SEPA regulation adopted in 2012, set February 2014 as the date at which all credit transfers and direct debits in euro have to be made under the same format that is “SEPA Credit Transfer” and “SEPA Direct Debit”.
Although all of the above can make us think on an homogeneous way of working all along Europe, the reality has showed us that SEPA established some basic conditions that might be slightly changed by each country and by each bank. Moreover, some SEPA payment methods’ migration date such as the Spanish “Cuaderno 58”, were postponed to 2016, therefore their requirements were not known but published on a later stage.
The Openbravo implementation of SEPA payment methods is designed to take into account all of these scenarios, in a flexible way, through “SEPA parameters” that can be configured as required. By using these parameters, it is now very easy to add new payment methods, such as the “Spanish Cuaderno 58” which has been migrated to this new model.
Openbravo implementation of SEPA payment methods allows the user to:
- add new SEPA parameters to get former payment methods such as “Spanish Cuaderno 58” to work under the SEPA format “Financed SEPA Direct Debit”;
- modify default SEPA parameters to obtain SEPA XML file content changes to meet specific country/bank requirements;
- correctly configure IBAN and BIC (Swift code) information as well as it usage at both organization and business partner level.
Check out the available documentation (SEPA Credit Transfer and SEPA Direct Debit) to learn more about Openbravo SEPA implementation and subscribe to the blog to stay updated with new blogposts describing additional release features.