SEPA Direct debits
The new SEPA payment instruments, basic system direct debit (CORE) and corporate system direct debit (B2B) offer companies and individuals a collection and payment system identical across Europe, so as to operate with the same ease, safety and cost both within our borders and in the European market. The corporate type also makes it possible to significantly reduce return times.
By virtue of European Regulation 260/2012, the deadline for national systems to be replaced by the European SEPA collection instruments is 1 February 2014.
To this end, the traditional instruments – files N19, N32 and N58 together with paper receipts are replaced by SEPA direct debits, valid in any of the 33 member states (the 28 EU states plus Iceland, Liechtenstein, Norway, Switzerland and Monaco).
For niche products, the migration date is extended to 1 February 2016. In Spain niche products are advances on receivables (cuaderno 58) and bills drawn via 32 and paper bills.
Learn about SEPA:
- Official Spanish Page on SEPA www.sepaesp.es.
- Banco Sabadell Recommendations for Preparing for Migration. A User Guide
- Changes in force as of 1st February 2016